Charter school buys Verizon call center

BUYER: Ryan Cos. US Inc. (principals: Patrick Ryan, Timothy Gray, Mary Wawro and Brian Murray), Minneapolis

SELLER: 10402 N. 56th St. Property LLC

PROPERTY: 10402 N. 56th St., Temple Terrace

PRICE: $3.75 million

PREVIOUS PRICE: $2.6 million, September 2009

TITLE FIRM ON DEED: Tampa Title Co., Tampa

PLANS, DESCRIPTION: Minneapolis-based Ryan Cos. US Inc. purchased former Verizon Call Center building for $3.75 million.

The price equated to $65 per square foot.

Verizon vacated the 57,886-square-foot building in January.

The Ryan Cos. has already agreed to lease the two-story building to Fort Lauderdale-based Red Apple Development LLC, the development arm of Charter Schools USA. The building is being extensively renovated to serve as a charter school for kindergarten students through 12th grade.

Rick Brugge of Cushman and Wakefield represented the seller and K. Dan Shalloway, Bill Gross and Bill Alton of Sperry Van Ness represented Red Apple Development.

“The moment I saw this building I thought it looked like a school,” says Shalloway. “The [7.69-acre] campus site is really large. It has ample space for a playground and parking. Corporate headquarters and calls centers seem to work really well as schools; we are doing another one in Jacksonville.”

The new school is scheduled to open in August.

Ryan Cos. is a national design-builder, developer and real estate manager.

The new owner has mortgaged the property to Associated Bank NA for $7 million.