5570 Idlewild Ave., Tampa, FL
Tampa International Business Center (TIBC) is a six-building portfolio of 329,419 square foot Class B offices located on Hoover Boulevard in Tampa, Florida. This portfolio consists of five one-story buildings and one two-story building built between 1980 and 1986. Tampa International Business Center is located in the North Hillsborough submarket in Tampa, Florida. The buildings were purchased in two phases with an average occupancy of 6.82% at initial acquisition (initial purchase in August 2013 with second acquisition in May 2014). Recently TerraCap signed Kelly Services lease for 5,787 square feet. Its current tenants consist of WellCare, Bridgewater Media, Consolidated Electrical Distributors, MedHOK HealthCare Solutions, Gateway One Lending and Finance, Cott, and VIASAT. The property is in a strong location, has been well maintained since its construction, and possess architectural appeal and tropical landscaping, as well as some strong UPS & generator fail safe equipment. TerraCap has contracted CBRE for both property management and leasing for this asset. Over the past quarter there have been multiple capital expense upgrades on the project in an effort to reposition the asset in the marketplace. This rebranding effort has attracted several 40,000sf and 75,000sf users with interest in buildings B & F as well as several 15,000sf users interested in the purchase of Building A.