California buyer picks up Lakewood Ranch, Tampa investment properties

A California investor has bought two commercial properties in the region for a combined $10.08 million.

The deals, part of a 1031 exchange, were for an 11,569-square-foot building occupied by the Primrose School in Tampa and a 4,562-square-foot dental office occupied by Monticciolo Family and Sedation Dentistry in Lakewood Ranch.

According to Marcus & Millichap, which represented the buyer, both tenants have leases with corporate guarantees and include scheduled annual rent increases. 

The Primrose property is at 10301 Cross Creek Blvd. It sold for $6.7 million. The previous owner paid $6.85 million for it in 2021. 

The dental practice is at 9105 Town Center Parkway. It sold for $3.38 million. The previous owner, a New York investment firm, paid $2.73 million, according to county records. 

The Levin Johnston Commercial Real Estate Advisory Group with Marcus & Millichap says in a statement that the buyer is a family trust looking to trade out of a pair of multifamily properties in the San Francisco area — a 15-unit community in Palo Alto and a 20- unit community in San Mateo. 

The goal, the release states, was to turn those properties into “long-term real estate investments that were newer construction and not management intensive.” 

Adam Levin, the Silicon Valley team’s managing director, says the deal “not only eliminates management headaches with full responsibility placed on the tenant, but increases their cash flow by 40%, generating incredibly safe passive income.” 

The family has previously owned residential property in the area.