Krone Weidler |
The asset sold for $7,250,000.
Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the same brokers.
L.J. Tsunis |
“Due to the location of the asset, stable in-place leases, and strong cash flow, we were able to generate multiple-offers for this property and achieve significant proceeds for the seller” said Tsunis.
“The buyer was a regional medical office investment company looking to add to their portfolio in Florida,” added Tsunis.
South Bay Medical Arts is located at 4051 Upper Creek Drive in Sun City Center, Fla. The property is strategically located adjacent to the 138-Bed South Bay Hospital, an HCA hospital.
The property enjoyed 100% occupancy at the time of sale and was leased from a variety of local, regional and national healthcare tenants, including SimonMed Imaging, Florida Cancer Specialists, and Bioreference Laboratories among others.
South Bay Medical Arts, 4051 Upper Creek Drive Sun City Center, FL |
Survey data for the latest year available shows that 27,597 patients visited the hospital's emergency room. The hospital had a total of 8,023 admissions and it's physicians performed 2,566 inpatient and 2,258 outpatient surgeries.
In 2014, South Bay Hospital began a $33 million capital project that includes the addition of a new patient tower and catheterization lab, plus renovations of existing patient care areas to provide new flooring and new finishes for an updated, modern design.
The project was completed in December of 2016 and the hospital expects to increase staff about 10 percent from the current total of 475 full and part-time employees as a result.
South Bay Medical Arts building is less than a mile from Interstate 75 and adjacent to the Homewood Residence, a three-story assisted living facility.
Contact:
Grant Fitzgerald
Sales Manager, Tampa
(813) 387-4700
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