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Dec 29, 2009 -
Tampa, FL free-standing medical office building was recently sold by its owner and concurrently leased-back from the new owner in what industry insiders call a "sale-leaseback"
transaction. The asset, located at 801 West Fletcher Avenue, Tampa, FL is currently occupied by North Pointe Dental Associates, a multi-practitioner dental practice. In the terms of the lease, North Pointe agreed to leaseback the asset for ten years under a triple net lease. The new owner, a family trust, will be a passive investor and have no landlord responsibilities, as the lease calls for the tenant (North Pointe) to pay for all taxes, day-to-day management, and insurance.
David Sobelman, Executive Vice President for Calkain Companies, coordinated the sale-leaseback. "The sale-leaseback structure is mutually beneficial to both the buyer and seller," Sobelman stated. "The monetization of the real estate is a financial tool that building owners are likely to consider since they are not receiving immediate income from their asset during their occupancy. By selling a non-income producing asset and allowing a business to use the proceeds to pay-down debt or expand their operations is an attractive vehicle for owner-occupied structures,"
Sobelman continued.
Sale-leaseback transactions are most common in single tenant buildings, such as banks, medical offices, drug stores, industrial distribution facilities, office buildings and restaurants.
The sale totaled $1.5 million dollars and is currently recorded in public records.
Calkain Companies, Inc. is a national, commercial real estate firm, focusing on net lease investments, that provides brokerage and consulting services for both private and institutional clientele. The Company is comprised of four distinct divisions, Calkain Realty Advisors, Calkain Institutional Advisors, Calkain Opportunity Services and Calkain Site Services. We have utilized an extended network of solid relationships to successfully complete nearly $3 billion in sales and have consistently ranked as one of the Top National Net Lease Investment Brokerage Firms. Core values such as integrity, honesty and innovation have helped secure our position as a leader within the net lease industry.
