Divaris Real Estate Solutions netpark Tampa Bay

Photo of netp@rktampabay office campus in FL

895,679 rentable square feet
Tampa, Florida

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HISTORY

Eastlake Mall was originally built in 1976 as a traditional regional retail mall by the Edward J. DeBartolo Corporation.

In 1996, John Hancock Life Insurance Company took ownership of the property and assigned Divaris Real Estate, Inc. the task of devising a strategic plan to transform the mall into a performing asset. After careful research of market conditions, the retail climate, and the competition, Divaris Real Estate recommended that the mall be converted to a complex that caters to back office, support-type tenants. The seeds for netpark@tampabay were sown.

SCOPE OF ASSIGNMENT

Divaris Real Estate’s assignment was to redevelop the regional mall into a suburban office complex that caters to back office support and call center tenants. Since 1998, Divaris Real Estate has lead the team that accomplished the following initiatives:

Purchased the anchor store parcels, renegotiated the anchor tenants’ operating agreements, and vacated the entire mall of all tenants.

Rezoned the property, an 18-month process.

Developed and implemented the renovation plans to create a million square foot, campus- type office building environment. This process included a total makeover of the facility, creation of interior walls, the placement of large exterior windows throughout, new HVAC, electrical, life safety, lighting, plumbing, and energy management systems. The renovation also included new interior and exterior entrances, landscaping, a new parking lot, parking deck, and directory signage.

Secured the amenity package, including redundant power and looped fiber optics, internet access, an on-site daycare center, a fitness center, an executive food service, a video conference and teleconference center, parking shuttles, planned walking trails and softball fields.

RESULTS

Currently, netp@rk.tampabay is approximately 65% leased. The tenant roster includes General Motors, Merck Medco, Alltel, John Hancock Financial Services, Marriott Vacation Club, Lykes Lines, New Horizons Learning Centers, Hillsborough County, and the Florida Division of Motor Vehicles.

Netp@rk.tampabay was designated the 1999 NAIOP Outstanding Rehab Project of the Year.

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