TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced the sale of Tampa Oaks, a three-story, 104,000 square foot, office building located in Tampa, FL.
“Quality product in well-located growth markets has been a mainstay of our investment thesis. Combine this with exceptional property management from the team at Harvard Pacific and we believe this asset will serve the buyer and the local community well for years to come,” said Albert Livingston, TerraCap Management Partner and National Director of Asset Management in a statement.
TerraCap acquired Tampa Oaks in March 2016. During their six-year ownership period, TerraCap completed a couple minor capital projects at the property, including parking lot lighting upgrade, elevator repairs and HVAC replacements. TerraCap also recently completed building a Canteen at the property, which is a self-serve vending service as an amenity for the tenants. The property has immediate access to two interchanges for I-75 and is located 5 minutes from the interchange of I-4.
“It was a pleasure to work with Dale Peterson and his team at CBRE for both the purchase and sale of this asset. Dale and his team were effective partners who executed well-managed transactions throughout our ownership period, consistent with our company values of professionalism, candor, and follow-through. We appreciate their efforts on behalf of TerraCap and our investors,” said Mark Hardee, TerraCap Management Asset Manager.
Dale Peterson of CBRE represented TerraCap in the sale transaction. Philip Weber and Barry Hanerfield with CBRE represented TerraCap on leasing during their ownership, and Harvard Pacific represented TerraCap on property management.
