Chinese investment group new landlord for Education Symposia building

BUYER: First State Investment LLC (principal: Wenqian Feng), Dover, Del.
SELLER: Dancing Bear Realty Partners LLC
PROPERTY: 5620 Sligh Ave. and 5601 Thompson Center Court, Tampa
PRICE: $2.18 million
PREVIOUS PRICE: $297,000, June 2004
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION:
An investment group from Shanghai, China, purchased a 12,196-square-foot single-tenant office building for $2.18 million.

The price equated to $179 per square foot. That figure is more than than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

The seller, the private medical continuing education company Education Symposia Inc., constructed the building in 2005 and has occupied it as its headquarters ever since. As part of the sale, Education Symposia has agreed to lease the building back for 10 years with two five-year extension options from the new owner. The lease was structured to offer the landlord no responsibilities and contained annual rental increases.

Teal Henderson and David Sobelman of Calkain Cos. handled the transaction. Calkain officials say the goal of the sale and leaseback for Education Symposia was to give the growing company more capital.
“With the equity that ESI had locked in their real estate, Calkain was able to produce a scenario that allowed the company to maintain control of their building for decades while taking advantage of today's aggressive real estate market prices,” Sobelman says in a press release.

The sale price equated to a payoff ratio based on income (capitalization rate) of 8.8%.

The purchase entity, First State Investment LLC, mortgaged the property to Insight Credit Union for $1.74 million.