November 28, 2016
ESJ Capital Partners, headquartered in Florida, sold a five-charter-school portfolio to Charter School Capital of Portland, OR. The seller walked away from the transaction with $71.4 million, while the buyer ended up with five schools with an average of 17 years remaining on current lease commitments. The sale represents one of the largest educational property transactions.
The five schools, all in Florida, ranged in size from 2 acres to 17.4 acres. Under-roof square footage was from 46,518 square feet to 74,992 square feet.
“This sale helps to validate education-occupied properties within the institutional asset category of commercial real estate,” said Todd Noel with Colliers International’s Phoenix office. Noel teamed with Miami Colliers agent Achikam Yogev to broker the transaction.
The charter school properties were:
- Imagine South Vero, 6000 4th St., Vero Beach
- Imagine School at Broward, 9001 Westview Dr., Coral Springs
- Championship Academy of Distinction Davie Campus, 3367 N. University Dr., Davie
- Renaissance Charter School at Plantation, 6701 W. Sunrise Blvd., Plantation
- Kids Community College – 10030 Mathog Rd., Riverview
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