TerraCap buys Lakeside center, with plans to stabilize, rename

BUYER: Tampa International Business Center LLC (principal: Walter S. Hagenbuckle), Bonita Springs
SELLER: CGCMT 2004 C1 North Hoover LLC
PROPERTY: 5730 Hoover Blvd. and 5301, 5520, 5550 and 5570 W. Idlewild Ave., Tampa
PRICE: $4.7 million
PREVIOUS PRICE: $1.07 million and $282,900, June 2004
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Bonita Springs investment fund TerraCap Partners II purchased the 223,547-square-foot Lakeside Technology Center for $4.7 million.

The price equated to $21 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.