For CBRE and WellCare, the Second Time is the Charm

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From Tampa Hillsborough Economic Development Corporation | Original Source

Phil Weber and Hans Kaunath of CBRE in Tampa had been working closely with client TerraCap Management to reintroduce Tampa International Business Center – formerly Lakeside Technology Center – to the market. TerraCap Management had purchased the five building office portfolio in August 2013 and made some significant investments in the property, including a parking lot overlay, new roofs, new HVAC units, new building awnings and a new sign package throughout the office park.

The newly renovated property, built in 1981, offered a perfect location just north of the Tampa International Airport and was close to major malls, retail shops and restaurants. The scenic, tree-lined professional park provided convenient access to the Veterans Expressway and other interstates, major suburbs and downtown residential areas, as well as plenty of room for a growing operation to expand. Best of all, the Tampa International Business Center properties were a really great deal. The complex “serves as a great value to tenants and is an excellent economic alternative to the higher-priced Westshore submarket,” according to Weber, CBRE Vice President.

Soon after kicking off their marketing campaign to find the perfect tenant, Weber and Kaunath made contact with the brokers representing WellCare Health Plans, a FORTUNE 500 company headquartered in Tampa that provides managed care services for government-sponsored health care programs. The brokers had already considered the property several times and did not believe the business park was a good fit. Once the CBRE team elaborated on the many improvements planned for the site, new ownership and rebranding of the park, they agreed to a visit.

“Phil and Hans were very persistent, and made a great case for the Tampa International Business Center. We presented it to our client and they agreed to revisit the business park,” said Dave Johnson, Managing Director at DTZ, who represents WellCare. Once WellCare toured the park and saw Building B of the complex, which Weber and Kaunath promoted as the perfect facility for the company’s needs, they were convinced that this location was the most suitable option. Within five months, WellCare signed a lease with CBRE and moved into a 76,120 square foot property in Tampa International Business Center.

“Patience, persistence and a bit of luck won the day for us on this deal,” said Kaunath. “We couldn’t be more pleased to have such great partners in TerraCap Management and DTZ, and such an ideal tenant in WellCare.”