A California investor has purchased two Class A triple net properties in Tampa and Lakewood Ranch for $10.08 million, according to Levin Johnston of Marcus & Millichap.
The buyer sold vintage multifamily assets in Palo Alto and San Mateo and used the proceeds in a 1031 exchange to acquire newer, low-maintenance buildings with long-term corporate tenants.
READ: Tampa a prime landing spot for companies fleeing high tax states
What happened
The investor bought an 11,569-square-foot Primrose School in Tampa and a 4,562-square-foot Monticciolo Dental clinic in Lakewood Ranch.
Adam Levin, Executive Managing Director, said the move increased the buyer’s cash flow by 40% and eliminated all management work, since both leases are absolute triple-net. Each lease includes annual rent increases.
About the properties
Tampa
The Primrose School on Cross Creek Boulevard has 17 years left on its NNN lease. Levin said it is one of the strongest Primrose locations in the country.
Lakewood Ranch
The Monticciolo Dental office on Town Center Parkway sits in a major shopping center. The tenant recently invested in new improvements, which Levin said shows long-term confidence in the site.
Why it matters
Levin Johnston leadership said more West Coast investors are moving capital into Florida to gain access to newer assets, higher income and the benefit of an income tax-free state.
READ: Tampa multifamily market outperforms Sun Belt in new Q3 report
Tampa Bay’s population grew 7% in the past five years. Lakewood Ranch remains one of the best-selling master planned communities in the nation. Both help support demand for high-quality NNN properties.
Levin Johnston has now closed 73 transactions worth more than $400M in 2025.
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