TerraCap sells Tampa project for $45 million

Estero-based TerraCap Management has sold off its six-building Tampa International Business Center office project to a Richmond, Va., investment firm for $45.05 million.

The sale, which generated roughly $15 million in profit to TerraCap investors, represents the firm's largest disposition to date, says Steve Hagenbuckle, a TerraCap managing partner.

Real Estate Value Advisors LLC (REVA) acquired the 324,654-square-foot property, at 5570 W. Idlewild Ave. in Tampa's Westshore district, earlier this month.