Why WellCare is keeping its corporate headquarters in Tampa 

Email this to someoneTweet about this on TwitterShare on Google+Share on FacebookShare on LinkedIn

WellCare Health Plans Inc., one of the largest managed health care providers in the United States and the largest public company based in Tampa, has committed to keeping its headquarters in Tampa through 2030.

WellCare (NYSE: WCG) renewed the lease for its corporate campus at 8725 Henderson Road and three satellite offices in Tampa.

The area’s business friendly environment and workforce are behind the decision to stay put, said Drew Asher, executive vice president and chief financial officer.

“It’s a place where people from all over the country want to live, work and play. This has helped us as we continue to recruit and retain top talent,” Asher said during a news conference at the company’s headquarters.

WellCare wanted to take advantage of favorable lease terms, said Ken Burdick, CEO.

“We were not being courted by another city,” Burdick said. “We were proactive and we decided to extend not just for a few years, but out into the future, so that not only would Tampa know this was going to be home, but our associates would know this would continue to be home.”

It’s an exciting time for the community, said Tampa Mayor Bob Buckhorn at the news conference.

“We’ve become a mecca for talent, for intellectual capital and for bright young people who are flocking to the Bay area to work for companies like this,” Buckhorn said. “This for our city is a pivotal moment and to have corporate partners like you as we go along this journey and continue on that upward trajectory, knowing full well that you are an economic engine helping us to attract young folks and millennials from all over the country who want to come and be a part of this place that we call Tampa.”

WellCare’s 380,000-square-foot campus sits on 71 acres and includes five office buildings, a cafeteria, a fitness center, walking trails, basketball courts, tennis courts, covered parking and walkways. It’s adjacent to scenic wildlife preserves.

The company also leases 810,000 square feet of rental space. Cushman & Wakefield represented WellCare in the transaction.

WellCare has grown significantly since the company was founded by a group of Tampa physicians, including Dr. Kiran Patel, in 1985. The company went public and moved to its current corporate headquarters in 2004, when it employed about 1,500 associates. It had about $1.4 billion in revenue in 2004.

WellCare has grown through acquisitions and new product offerings, including a Medicare Prescription Part D prescription drug plan. The company had $17 billion in revenue in 2017 and 9,000 full-time employees as of Dec. 31. About half of its employees live and work in Tampa Bay.

WellCare’s annual economic impact in Florida is about $7.3 billion, according to the company.

The Part D offerings have put WellCare in every state. The company also offers Medicaid plans in 11 states and Medicare Advantage plans in 18 states.

The company also is expanding its presence in three cities outside of Tampa — Houston; Phoenix; and Nashville, Tennessee.

Source: https://www.bizjournals.com/tampabay/news/2018/03/05/why-wellcare-is-keeping-its-corporate-headquarters.html

About Kay Properties and Investments, LLC

Kay Properties and Investments, LLC is a national Delaware Statutory Trust (DST) investment firm with offices in Los Angeles, San Diego, Seattle, New York City and Washington D.C. Kay Properties team members collectively have over 94 years of real estate experience, are licensed in all 50 states, and have participated in over $7 Billion of DST real estate.

Our clients have the ability to participate in private, often exclusively available, off-market DST properties as well as those presented to the wider DST marketplace; with the exception of those that fail our due-diligence process.

Kay Properties’ team members work with 1031 clients to find out what types of DST properties and strategies may work best for them. Just because a DST offering is believed to be a good offering, does not mean it is right for a particular client’s specific situation. Being able to help investors decipher which DST offerings make the most sense for them is a large part of what has caused Kay Properties to grow exponentially over the years. One of the advantages of working with Kay Properties is that we work closely with many of the established DST sponsor companies in the industry, which gives our clients an opportunity to invest in a diversified DST portfolio.

This material does not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made by the confidential Private Placement Memorandum (the “Memorandum”). Please be aware that this material cannot and does not replace the Memorandum and is qualified in its entirety by the Memorandum.

This material is not intended as tax or legal advice so please do speak with your attorney and CPA prior to considering an investment. This material contains information that has been obtained from sources believed to be reliable. However, Kay Properties and Investments, LLC, WealthForge Securities, LLC and their representatives do not guarantee the accuracy and validity of the information herein. Investors should perform their own investigations before considering any investment. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) and 1031 Exchange properties. These risks include, but are not limited to, tenant vacancies, declining market values, and potential loss of entire investment principal.

Past performance is not a guarantee of future results: potential cash flow, potential returns, and potential appreciation are not guaranteed in any way and adverse tax consequences may come into effect. Real estate is typically an illiquid investment. Please read carefully the Memorandum and/or investment prospectus in its entirety before making an investment decision. Please pay careful attention to the “Risk” section of the PPM/Prospectus.

IRC Section 1031, IRC Section 1033, and IRC Section 721 are complex tax codes; therefore, you should consult your tax and legal professionals for details regarding your situation.

Securities are offered through registered representatives of WealthForge Securities, LLC, Member FINRA / SIPC. Kay Properties and Investments, LLC and WealthForge Securities, LLC are separate entities. DST 1031 properties are only available to accredited investors (generally described as having a net worth of over 1 million dollars exclusive of primary residence) and accredited entities only (generally described as an entity owned entirely by accredited individuals and/or an entity with gross assets of greater than 5 million dollars). If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your CPA and attorney prior to considering an investment. You may be required to verify your status as an accredited investor.

Email this to someoneTweet about this on TwitterShare on Google+Share on FacebookShare on LinkedIn