New assignments bring CBRE’s Tampa Bay portfolio up to 11 million SF
Tampa, FL – October 3, 2013 – CBRE has been selected by TerraCap Management of Bonita Springs, Florida as the exclusive leasing agent and property manager for Lakeside Technology Center, a portfolio of five Class B office buildings totaling 223,547 square feet in the North Hillsborough submarket of Tampa. With assistance from CBRE’s Project Management and Technical Services groups, CBRE will oversee significant capital improvements at the office park and initiate an aggressive marketing campaign, which will begin with changing the property name to “Tampa International Business Center.”
This new assignment, along with CBRE’s recent assignment at Rocky Point Centre in Westshore, adds over 400,000 square feet to CBRE’s Tampa Bay leasing and management portfolio, which now totals close to 11 million square feet. The new assignments suggest a more positive outlook on the economy on the part of property owners, who are investing in marketing their assets in anticipation of an office market rebound.
“As the economy continues to expand – and some experts say it will grow 3% by the end of 2014 – property owners are gearing up by repositioning their assets in the marketplace,” said Patricia Nooney, Senior Managing Director of CBRE’s Tampa Office who leads Investor Services for Florida. “Tampa International Business Center is a portfolio of office properties with significant potential that we intend to maximize in the months ahead.”
In addition to brokerage and property management services, CBRE will provide Project Management and Technical Services to Tampa International Business Center, located at 5730 Hoover Boulevard and 5301, 5520, 5550 and 5570 Idlewild Avenue. The property is currently 7% occupied.
The CBRE professionals assigned to Tampa International Business Center include Julie Palmer-Nicholson, Director, Asset Services; Michelle Cummings, Real Estate Manager; Hans Kaunath, Vice President; Phil Weber, Vice President; David Day, Director, Technical Services; Doug Lawson, Senior Chief Engineer; and Katherine Evans, Senior Project Manager, Project Management.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.