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Capital Square 1031 Pays $7.1M for Flex Property in Tampa

71,000-SF Facility Sells in Tampa West Industrial Center
January 24, 2018
Capital Square 1031 acquired the flex building at 4910 Savarese Cir. in Tampa, FL for $7.07 million, or about $99 per square foot.

The 71,150-square-foot building delivered in 1982 and was recently renovated in 2015 to make room for the expansion of a tenant, Capsugel, which currently occupies the entire property. The facility is situated on 5.7 acres in the Tampa West Industrial Center.

Capsugel, who was acquired by Lonza Group earlier this year, manufactures and develops new drugs for the health and nutrition industries.

"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 CEO of Capital Square 1031, which now has nearly $660 million in assets under management. "The facility is on a long-term, net lease, which is guaranteed by Lonza's American subsidiary, Lonza America, Inc., a demonstration of the corporate parent's long-term commitment to the facility."

Matthew Bear of Bear Real Estate Advisors LLC represented the buyer.

Please see CoStar COMPS #4088067 for more information on this transaction.
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