Miami investment firm buys single-tenant asset
Estero-based TerraCap Management LLC has sold a Tampa office building it has owned since 2014 that is the headquarters of HealthPlan Services, for $21.8 million.
TriOut Advisory Group LLC, of Miami, acquired Lakeview Center and surrounding land.
In all, the site contains 19.3 acres, and existing entitlements would allow for the development of an additional 190,000 square feet of commercial space.
TerraCap bought the three-story building in 2014 for $13.74 million, and overcame significant vacancy caused when DeVry University and other businesses relocated.
HealthPlan, the nation’s largest independent solutions provider to insurers and managed care providers, expanded several times before committing to all the space in the 186,300-square-foot property.
Robert Gray, a TerraCap managing partner, says the company’s experience at 6700 Lakeview Center Drive demonstrates its “focus on creating value and maximizing investor returns by improving the physical asset.”
During its ownership, TerraCap invested $3 million into the 34-year-old building by installing a new roof, refurbishing the elevators, upgrading heating and air conditioning systems and putting an energy management system in place.
Joe Rossi, an executive managing director with commercial real estate brokerage firm Colliers International who together with Thevenin Campton and Claire Calzon of the same firm represented TerraCap, says the deal showed the seller’s commitment to its tenants.
“They cleaned the building up and made substantial improvements to it, which made it a nice package for a potential buyer,” says Rossi. “It says a lot about TerraCap, too, and how they treat tenants that HealthPlan expanded the way they did.”