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ESJ Capital buys Tampa's University Park
BUYER: ESJ University Park LLC (ESJ Capital Partners LLC), Aventura
SELLER: AHC Metro Park Tampa LLC
PROPERTY: 4019, 4105 and 4225 E. Fowler Ave., Tampa
PRICE: $12 million
PREVIOUS PRICE: $10.06 million, January 2005
LAW FIRM ON DEED: Gould Law Office PC, Chicago
PLANS, DESCRIPTION: ESJ Capital Partners, a European-investor real estate fund based in Aventura, purchased the three-building University Park development across the street from the University of South Florida campus for $12 million. The 99,234-square-foot medical office complex was fully leased at the time of the sale.
The purchase price equated to $121 per square foot of building space and a 10% capitalization rate.
“We are looking to create a portfolio of stabilized properties,” says Arnaud Sitbon, principal of ESJ Capital Partners. “We are not looking to buy and flip. We focus on charter schools and medical office buildings. [University Park] is a stabilized property. It's well-located in front of a University, at an attractive price with a good tenant mix.”
The development's three main tenants, Quest Diagnostic, Moffitt Cancer Center & Research and HSA Engineers & Scientists, occupy 95% of the complex. Carter will continue to manage the property.
The fund already is involved in a Zephyrhills shopping center.
Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller, Arthur Hill & Co.
The purchase entity ESJ University Park LLC mortgaged the property to BankUnited for $8.4 million.
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