Oaks Development owns 43 similar buildings under its uniquemodel, a hybrid lease structure which reserves 50% of thebuilding's equity for physician tenants with no capital outlay. Alittle over half the building remains to be leased under thisstructure.

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"This concept relieves doctors of having to take time away fromtheir practices to manage property, while still offering taxbenefits and investment income," says Charlie Barker, the company'sCFO and director of real estate development. "We believe whendoctors focus on what they do best, they create value in the asset.Shouldn't they be the ones to benefit?"

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Oaks Development is a private equity-funded real estateinvestment group specializing in buying, building, restructuringand managing medical/professional office properties. The companyhas two Florida offices, in Miami and Tampa, with others in Boston,Chicago, Austin, TX, Savannah, GA and Wilmington, NC.

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Tampa-based RJ King & Associates represented OaksDevelopment in the purchase and serves as exclusive broker forCypress Professional Center. The building's previous owner, PortCharlotte-based Corazon Development LLC, was represented by theFort Myers office of Sperry Van Ness.

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