Healthcare insurance services provider will occupy 76,120 square-foot building
Tampa, FL – December 8, 2014 – CBRE completed a lease for one of the single-story Class B office buildings located in the Tampa International Business Center at 5301 Idlewild Avenue in Tampa, FL. WellCare Health Plans, Inc., a provider of health care insurance solutions, will expand into the 76,120-square-foot building owned by TerraCap Management, LLC.
“This building afforded WellCare immediate occupancy and convenient location that worked perfectly for the healthcare company’s immediate needs and future growth,” said Philip Weber, Vice President with CBRE Brokerage and Office Services. “This office complex serves as a great value to tenants and is an excellent economic alternative to the higher-priced Westshore submarket.”
Built in 1981, the recently renovated seven-building office complex offers a professional, scenic office park setting with ample parking, building signage, high ceilings, as well as on-site management and leasing. The property owner continues to add value to the project with multiple capital improvements that include enhanced landscaping, additional parking, a new identity package with new signage throughout the office park, and numerous other capital enhancement project too numerous to list. The property location offers easy access to the Veteran’s Expressway and Tampa International Airport as well as proximity to the Westshore business district, major malls, retail shopping and restaurants.
Phillip Weber and Hans Kaunath with CBRE in Tampa represent the owner in the marketing and leasing of the complex. David Johnson and Elizabeth Osborne with DTZ in Denver, CO, represented the tenant in the transaction.
TerraCap Management, LLC, a registered investment adviser, is an alternative investment management company focused on deep value real estate acquisitions in the southeastern United States, with an emphasis on the Florida commercial property market. TerraCap performs extensive market research and fact-based analysis on population growth, migratory trends, international home buying, and intrastate population movement. This enables the firm to seek opportunities where demand is the highest and real estate assets are mispriced, overlooked or undervalued. Please visit our website at http://terracapmgmt.com.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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 website at www.cbre.com.