California-based Investor Acquires Primrose School And Dental Office In Florida For $10.08M

The transaction involved the acquisition of two Class A assets in Florida, consisting of an 11,569 square foot Primrose School located at 10301 Cross Creek Boulevard in Tampa and a 4,562 square foot Monticciolo Dental located at 9105 Town Center Parkway in Lakewood Ranch. The sale price was $10,080,000, translating to a price per square foot of $625. Both properties are situated in markets characterized by high-growth and affluent local populations, featuring long-term NNN leases with corporate-guaranteed tenants and annual rent increases.

Summary of transaction details:

• Property Type: School & Medical Office
• Transaction Amount: $10,080,000
• Square Footage: 16,131
• Price Per Square Foot: $625
• Address: 10301 Cross Creek Boulevard & 9105 Town Center Parkway
• Market: Tampa & Lakewood Ranch
• Brokers: Adam Levin & Robert Johnston - Levin Johnston - Marcus & Millichap

Levin Johnston of Marcus & Millichap facilitated the transaction on behalf of a California-based private investor through a 1031 exchange, emphasizing the strategic nature of the investment. The properties provide passive income and reduced management responsibilities for the buyer due to their favorable leasing structures.