Concorde Career Institute campus sells for $6M

BUYER: RL Concorde LLC (manager: Robert Lechter, Liliana Reines Mekler and Ester Reines Mekler), Hollywood
SELLER: Amprop Tampa Inc.
PROPERTY: 4202 and 4210 W. Spruce St., Tampa
PRICE: $6 million
PREVIOUS PRICE: $1.5 million, January 2000
LAW FIRM ON DEED: Sanders Law Group PA, St. Petersburg

PLANS, DESCRIPTION:
An investment group led by developer Robert Lechter purchased two Westshore office buildings for $6 million.

The price equated to $200 per square foot. That figure is higher than the two-year average price per square foot for office space ($119) in the Tampa Bay area, according to the CoStar Group.

The 2.82-acre site features a 14,130-square-foot, single-story building and a two-story, 15,880-square-foot building. The smaller building was constructed in 1979, and the larger building was added in 2001.

The Westshore buildings are fully leased to Concorde Career Institute. The tenant's lease runs until January 2022.

Ray Romano of CBRE represented the buyer, and David Sobelman and Teal Henderson of the Calkain Cos. represented the seller.

“What attracted my client was the stability of the tenant, the location and the intrinsic value of the buildings in the Westshore Business District,” Romano says. “There are apartments being built on both sides of the property and new retail nearby.”

The buyer recently purchased four properties in Orlando, and Romano says it is looking to acquire more real estate in both markets.

The purchase entity, RL Concorde LLC, mortgaged the property to CenterState Bank of Florida for $4 million.