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Tampa Medical Tower - Tampa, FL

Overview

The objective of the institutional owner of the 106,000 sf medical office building was to increase occupancy to enable profitable disposition of the property.

Critical Issue

The objective of the institutional owner of the 106,000 sf medical office building was to increase occupancy to enable profitable disposition of the property.  Represented by a major regional brokerage firm, the property was struggling at occupancies between 70% and 80%.  Ownership was in need of an aggressive firm with medical leasing experience to energize the marketing program and successfully increase occupancy.

Action Steps

Ciminelli assumed leasing responsibilities in early 2002, and immediately embarked upon an aggressive sales call and mailer program, maximizing the exposure of the property to the market.  Physicians associated with the nearby hospital were contacted, and Ciminelli worked closely with the hospital to maximize leads and referrals.

 

Results

In less than 12 months Ciminelli successfully closed approximately 20,000 sf of leases at terms favorable to the owner.  Approximately one year after assuming leasing responsibility, the owner profitably disposed of the property, which was acquired by a national medical office REIT.