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.
Building Size (gross)*327,419 RSF 335,688 GSF
Acquisition Date*8/26/2013 (TIBC I) | 5/29/2014 (TIBC II)
2015 Projected NOI*$1,143,000