RICHMOND, Va. (Mar. 26, 2018) – Capital Square 1031 announced today that the company fully subscribed its Delaware statutory trust offering, CS1031 Tampa Pharma, DST in a record time of 60 days. The facility is comprised of a 71,150-square-foot office/R&D laboratory in Tampa, Florida, 100 percent leased on a long-term triple net basis to Capsugel, an award-winning global contract development and manufacturing organization (CDMO).
“Capital Square 1031 has acquired 59 properties for its growing DST platform, with an emphasis on medical-oriented properties,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Capital Square’s first DST was the headquarters for a health care company. The Tampa Pharma offering, Capital Square’s 58th property, is the Tampa regional headquarters and R&D lab for Capsugel, a growing bio-pharma company owned by Lonza Group Ltd., a global Swiss company with annual sales exceeding $5 Billion (USD). Capsugel provides research and development services to pharmaceutical companies seeking to outsource the development of new drugs.”
The facility, located at 4910 Savarese Circle, is 100 percent leased on a long-term, triple net basis by a strong tenant in a growth mode. The location is critically important, Florida has become a hub for the life sciences with over 1,100 bio-tech, pharmaceutical and medical device companies. Florida is growing its economy at a record pace.
The facility was fully redeveloped in 2015 to serve as a regional HQ and R&D lab. The build-out was highly specialized to meet the tenant’s special needs. See Florida Governor Rick Scott’s grand opening of the facility here.
“Our investors really stepped up; this offering was fully subscribed in only 60 days,” added Rogers. “Tampa Pharma shows that Section 1031 exchange investors are drawn to high quality real estate 100% leased on a triple net basis by a strong tenant with a compelling story – the bio-pharma growth story. And the icing on the cake is that Florida is an income tax-free state, which means our investors will not pay income tax in Florida. Offerings of this sort are designed to provide superior risk-adjusted returns – strong and growing cash flow – and the potential for capital appreciation.”
The property was acquired in late December 2017 by CS1031 Tampa Pharma, DST.
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 March 1, 2018, the firm oversees a growing national portfolio of 59 real estate assets valued at approximately $650 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.
- On March 26, 2018