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TerraCap Wraps Up Dispositions from Stabilization Strategy
TerraCap Management LLC, a privately held investment firm headquartered in Naples, has sold Eastpointe, a three-story Class B office building in Tampa, for an undisclosed sum. The property was built in 1987 and was 96% occupied at the time of sale.
“This sale wraps up disposition of the last income-producing asset stabilized as part our strategy of repositioning distressed commercial assets in the Florida market,” said TerraCap managing partner Steve Hagenbuckle.
TerraCap acquired Eastpointe in March 2014 as part of a two-property acquisition. The other building in the acquisition, Lakeview, sold in May 2018.
Rick Brugge, Mike Davis, and Rick Colon of Cushman & Wakefield, with support from Ryan Jenkins and Zach Eicholtz, represented TerraCap in the Eastpointe sale. TriOut Advisory acquired the property. “With continued positive population and job growth, investor sentiment for office investments in central Florida remains strong,” Brugge said.
- ◦Sale/Acquisition
