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TAMPA, FL-Malvern, PA-based REIT Liberty Property Trust has acquired the 532,000-sf Renaissance Park, for $104 million or $195 per sf. The five-building office complex is located along Henderson Road north of Tampa International Airport

Renaissance Park, which is situated on 71 acres in the Westshore Business District, was developed in the late 1990s to house the customer call service operations for Capital One Financial Corp. It now serves as the headquarters of WellCare Health Plans Inc. and is 97% leased with tenants including WellCare, Capital One, CEMEX and Wade Trim.

“The property is already built out and substantially leased so we’ll contain to keep it leased and fill vacancies as they arise,” Liberty senior vice president Bob Goldschmidt tells GlobeSt.com.

With the acquisition, Liberty estimates that it owns approximately two-thirds of the office space in the airport area. Other properties that the company owns in the area include Woodland Corporate Center, Liberty Pioneer Park, Silo Bend and Legacy Park. “Renaissance Park is located about three miles away from our flagship Woodland Corporate Center which offers 923,000 sf of office and flex space and compliments our existing business park portfolio,” Goldschmidt says.

Founded in 1972, the company is a $6.5-billion REIT which owns more than 63 million sf of office and industrial space in 20 markets throughout the US and the UK. Goldschmidt says the company will continue to pursue acquisition opportunities in Tampa, and other markets, as they arise. “Leasing is strong in Tampa, vacancies are down and it’s a good market to be in,” he says.

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