Capital Square 1031, a real estate investment and management firm specializing in Delaware statutory trust investments, has purchased a 71,150-square-foot office/research and development building in Tampa, Florida. The property is 100 percent leased to a division of Capsugel, a global contract development and manufacturing organization (CDMO).
Located at 4910 Savarese Circle, the single-story building is comprised of 45,000 square feet of office space and 26,150 square feet of tech space. The building was renovated in 2015 to accommodate the tenant’s expansion.
“This acquisition represented an excellent opportunity for our firm to acquire a stable asset with a credit-worthy tenant that has experienced tremendous growth,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
Capsugel provides research and development services for pharmaceutical companies seeking to outsource the development of new drugs. Capsugel’s Tampa staff also provides small-scale clinical commercial manufacturing, including packaging of clinical supplies, specialized analytical services, and logistics.
Home to more than 3 million residents, the greater Tampa area was reported by the U.S. Census Bureau as having the fourth-highest population gain in 2016.
“Capital Square is bullish on the Tampa area, given its growing population, low unemployment, low cost of living and excellent quality of life,” Rogers added. “The State of Florida also is an income tax-free state with a positive business environment and exceptional economic growth.”
Capital Square 1031 is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. The company provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. As of December 19, 2017, the firm oversees a growing national portfolio of 62 real estate assets valued at nearly $660 million (based on investment cost).