Office

Santander Bank / Rasmussen University

16400 Odessa Odessa, Florida United States 33556
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A

Documents

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Attributes

Building Area

Property Description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire The Santander Bank & Rasmussen University (“SRU” or “The Property”), a 164,377 square foot dual-tenant, single story office building located in Tampa (Odessa), FL. Due to growing demand in the submarket, this property was completely renovated to accommodate two long-term occupants, Rasmussen University and Santander Consumer, USA. This renovation totaled in excess of $38 million creating a modern campus for both tenants. Santander Consumer, USA, (publicly traded NYSE under ticker symbol “SC”) occupies 71% of the asset with a lease expiration in April 2032 and is a wholly owned subsidiary of Banco Santander, S.A. (S&P “A” Rated), the 16th largest banking institution in the world.  The remaining 29% is occupied by Rasmussen University that currently enrolls over 15,000 students at over 24 Midwest and Florida campuses. The University was acquired in 2020 for approximately $330 million by the American Public University System (NASDAQ: APEI) strengthening its credit status and ensuring its long term stability. Rasmussen currently has a lease term of eleven years expiring in December of 2033. These tenants have invested significant capital and tenant improvement dollars into the asset demonstrating their commitment to the property far beyond their lease expirations.

The Property is located at the intersection of the Suncoast Parkway (589) and Highway 54 in Odessa, FL which is part of the greater Tampa MSA. This area of Tampa has seen significant population growth with an abundance of new residential and commercial developments designed to accommodate and foster the newfound popularity.  The Santander & Rasmussen Campus offering provides an investor with an extensively renovated office asset occupied by two strong tenants on long term leases in a fast growing submarket.

Investment Highlights

Stabilized Office Center with Long Term Occupancy -

The Santander Bank & Rasmussen University offers investors the rare opportunity to acquire a two-tenant, recently reconstructed office building with a strong tenant base and lease terms through 2032 and 2033, respectively.  

Strong Tenant Mix -

Santander Consumer USA is a New York Stock Exchange Traded Company (Ticker Symbol “SC) and a Subsidiary of Banco Santander S.A., who boasts an S&P “A” Credit Rating. Santander Consumer USA has over 4,900 employees and Banco Santander is the 16th largest banking institution in the world.

Rasmussen was recently purchased for approximately $330 million by American Public Education, Inc. which is a Nasdaq Traded Company under ticker symbol “APEI.” The college was founded in 1990 and now has over 15,000 students and 24 campuses throughout Florida and the Midwest.

Tenant Commitment to Asset -

Each Tenant has committed themselves to these assets through investments into Tenant Improvements and the Property. Rasmussen’s suite features recreated hospital rooms (nursing program), custom built classrooms and computer labs, a student lounge and 

executive offices for administration and staff.  

Santander Consumer USA’s commitment to invest a significant portion of the construction and tenant improvement costs as well as having a customized high security facility. Santander has personally funded a $23+ million-dollar build out and recently committed to a 12 year lease term. 

Strategic Location -

Located at the hard intersection of Suncoast Parkway (589) and Highway 54 in Odessa, FL, part of the greater Tampa MSA. The Suncoast Parkway provides excellent proximity to various amenities located in Downtown Odessa as well as access to the Tampa Airport, located just 15 miles south. 

Booming Growth and Development in Odessa & Tampa, FL -

Odessa, FL is experiencing significant growth as residences flock to the area. Odessa has 49 active residential subdivisions under construction (consisting of over 1,057 lots) as well as over 500,000 square feet of active or proposed commercial developments including retail, office and industrial.

Last Updated Date: 19 Jul 2021
Robbie McEwan
Robbie McEwan, CCIM, SIOR
Senior Director, Capital Markets
License details
FL-SL3207356
Michael Brewster
Michael Brewster
Director, Capital Markets
License details
FL-SL3280018

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Last Updated Date: 19 Jul 2021

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