The 39,000-square-foot property will serve as the new corporate headquarters
TAMPA, Fla. (Sept. 11, 2019) – Community Health Centers of Pinellas (CHCP) has purchased a 39,118-square-foot office property in Largo for $3.95 million to serve as the organization’s new corporate headquarters. The property, located at 14100 58th Street N, is in a designated Opportunity Zone, which will allow the organization to take advantage of tax incentives.
Ron Schultz and Amy Barrett, CCIM, of Colliers International Tampa Bay represented CHCP in the transaction. Scott Clendening of Commercial Partners Realty represented the seller, 14100 ICOT, LLC.
The Opportunity Zone Program was created as part of the 2017 Federal Tax Cuts and Jobs Act. It allows investors to defer and/or reduce their federal capital gains tax liability when they purchase property in economically distressed census tracts designated as Opportunity Zones. These tax benefits increase the longer investments are held.
“It was important to Community Health Centers of Pinellas that this property be within a designated Opportunity Zone so they could take advantage of the tax savings available in such an area,” said Schultz, Managing Director of Retail Investments for Colliers International Tampa Bay. “Finding a location that did not overlap with existing clinic locations further narrowed our search to central Pinellas County.”
CHCP is a not-for-profit Federally Qualified Health Center (FQHC) that provides affordable, primary health care services to the residents of Pinellas County. It operates 13 health centers in Clearwater, Dunedin, Largo, Pinellas Park, Lealman, St. Petersburg and Tarpon Springs.
“This is an example of a project that meets the intended purpose of the Opportunity Zone Program, and we were pleased to help make it happen,” said Barrett.
The company’s headquarters is currently located at 1344 22nd Street S in St. Petersburg in a 28,000-square-foot office building. The move will allow CHCP to expand its current operation, and it will employ more than 100 people at the new location.
About Colliers International Group Inc.
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