Tampa International Business Center (TIBC) is a 335,688 square foot, Class B office, six-building portfolio located immediately north of the Tampa International Airport. This portfolio consists of five one-story buildings and one two-story building built between 1980 and 1986. The buildings were purchased in two phases with an average occupancy of 6.82% at initial acquisition (August 2013 with second acquisition in May 2014).
Harvard Pacific provides Property Management, Project Management and Accounting Services for TIBC. Harvard Pacific has completed property upgrades of approximately $8M to include parking lot resurfacing, signage replacement, exterior painting and water-sealing, select HVAC chiller systems replacement, select roof replacement, landscape upgrades, and entrance upgrades to rebrand the Park and $4M in Tenant Improvements. The property is leasing more rapidly than originally anticipated and at higher rates than previously projected with over 240,000 square feet of leasing in the past 24 months.
[table] Property Type*Flex/OfficeBuilding Size (gross)*327,419 RSF 335,688 GSF
Acquisition Date*8/26/2013 (TIBC I) | 5/29/2014 (TIBC II)
Acquisition Occupancy*6.82%
Current Occupancy*60%
2015 Projected NOI*$1,143,000
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