TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the sale of Eastpointe.
Eastpointe is a 3-story Class B office building located in Tampa, FL and consists of approximately 82,000 square feet. The property was built in 1987 and has a 2-story parking garage. The property was 96% occupied at the time of sale.
“This sale wraps up disposition of the last income producing assets stabilized as part our strategy of repositioning distressed commercial assets and in the Florida market. The last remaining asset in this portfolio is mixed use/commercial land, acquired in bulk and in the process of being sold in residential and commercial development parcels as planned.” said Steve Hagenbuckle, Managing Partner.
Managing Partner Bob Gray commented, “Eastpointe was acquired during the upswing in the recovery during the financial crisis. Combing a tightening market with completion of significant capital improvements to the property, pushing rate, and building occupancy we are providing the buyer with a property we expect to be a stable asset for years to come.”
TerraCap acquired Eastpointe in March 2014 as part of a two-property acquisition. The other building in the acquisition, Lakeview, sold in May 2018. During its hold period, TerraCap invested capital into the roof, HVAC, parking lot, parking garage, restrooms, and signage. After signing Circle K to a 10-year deal for approximately 19,000 square feet and extending the approximately 36,0000 square foot anchor tenant Pharmerica through 2025, Eastpointe reached 96% occupancy, and TerraCap began moving the property towards a disposition.
Rick Brugge, Mike Davis, and Rick Colon of Cushman & Wakefield, with support from Ryan Jenkins and Zach Eicholtz, represented the seller, TerraCap, in the transaction. TriOut Advisory acquired the property.
“With continued positive population and job growth investor sentiment for office investments in central Florida remains strong,” Brugge said.