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South Tampa Medical Center - Tampa, FL

Overview

The 60,000 sq. ft., Class A, medical office building located in Tampa, Florida was facing increasing competition in the marketplace.

Critical Issue

The 60,000 sq. ft., Class A, medical office building locate din Tampa, Florida was facing increasing competition in the marketplace from condominium construction. Ciminelli was retained by the owner to rebuild the value in the property. The building faced 40% of its tenant base vacating, resulting negative cash flow, and increased competition from a new medical office development adjacent to the property.

Action Steps

Ciminelli set out to maximize the building's potential by capitalizing on leasing and sale opportunities through condominium conversion.  Aggressive sale and lease initiatives targeted the medical community.  Additionally, the Ciminelli team thoroughly reviewed the operations of the building to identify key areas of cost savings.

Results

The condominium conversion strategy implemented by Ciminelli resulted in a 30% premium over purchase price.  Analysis of building operations resulted in a 12% decrease of 1st year annual operating expenses.  The occupancy rate was stabilized at 95%, and the building was awarded the TOBY award by BOMA as a result of Ciminelli's overall efforts.