Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, announced today its acquisition of a 71,150-square-foot office/research and development building in Tampa, Florida. The property is 100 percent leased to a division of Capsugel, an award-winning 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.
Earlier this year, Capsugel was acquired by Lonza Group, one of the world’s leading suppliers to the pharmaceutical, biotech and specialty ingredients markets.
“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,” Rogers added. “Further demonstrating its commitment to the property, Capsugel recently made a substantial investment in renovations and new equipment at the facility. Capital Square is very pleased with this acquisition, which brings the firm’s assets under management to nearly $660 million.”
Capsugel provides research and development services for pharmaceutical companies seeking to outsource the development of new drugs. With clients providing initial research, Capsugel completes the process of developing drugs into a marketable FDA approved product. This process involves the research and testing necessary to design the chemical components of a drug in a way that is stable and resistant to stress (temperature, degradation, etc.), and formulating the drug to achieve proper consistency and solubility in a tablet or capsule. Capsugel’s Tampa staff also provides small-scale clinical commercial manufacturing, including packaging of clinical supplies, specialized analytical services, and logistics.
Lonza Group harnesses science and technology to create products that support safer and healthier living and that enhance the overall quality of life. An integrated solutions provider serving the healthcare continuum, Lonza offers products and services from the custom development and manufacturing of active pharmaceutical ingredients to innovative dosage forms for the pharma and consumer health and nutrition industries. In addition to drinking water sanitizers, nutraceuticals, antidandruff agents and other personal care ingredients, the company provides agricultural products, advanced coatings and composites and microbial control solutions that combat dangerous viruses, bacteria and other pathogens.
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.”
The Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area has experienced a growth in population of more than 43 percent since 2000, according to BestPlaces.net. Visit Tampa Bay reports that the tourism industry is a significant driver of Hillsborough County, where the Capsugel facility is located and one of greater Tampa Bay’s largest counties, with $3.6 billion in visitor spending that supports a total of $5.6 billion in sales. The area is also home to Port Tampa Bay, the largest port in the state of Florida. As of October 2017, the Bureau of Labor Statistics reports the Tampa-St. Petersburg-Clearwater MSA as having an unemployment rate of 3.3 percent.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company. The firm sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square uses the Delaware Statutory Trust (DST) structure to make quality real estate available to a larger number of investors. Capital Square 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). In August 2017, Capital Square ranked 485th on the Inc. 5000 list of fastest growing companies, making it the top-ranking Richmond, Virginia-area company, with 925 percent three-year growth. In 2016, Capital Square was ranked as the second fastest growing company in the Richmond, Virginia area by Richmond BizSense. To learn more, visit www.CapitalSquare1031.com.
