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| Krone Weidler |
BELLEAIR, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Powell Professional Center, a four-story, 46,830-square foot office
building located in Belleair, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset
sold for $4,815,000.
“We continue to see strong buyer demand for
strategically located medical office buildings on or adjacent to major hospital
campuses,” says L.J. Tsunis,
associate in Marcus & Millichap’s Tampa office. “This asset, strategically
positioned next to the second largest hospital in the Tampa Bay MSA, offers a
stable investment with strong upside in increased occupancy and rent growth.”
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| L.J. Tsunis |
Tsunis, along with Krone Weidler, vice president
investments in the firm’s Tampa office, had the exclusive listing to market the
property on behalf of the seller. They procured and represented the buyer, a
private investor.
Powell Professional
Center, four-story, 46,830-square foot medical office building, is located at
401 Corbett Street in Belleair, Florida. Constructed in 1985, the building sits
on a combined 2.22 acres strategically located adjacent to the 687-bed Morton
Plant Hospital.
In 2011, Powell
Professional Center was renovated with over one million dollars in
improvements, including a new lobby space and common area improvements. The
property offers both covered and lot parking with an additional 0.34 acre
parcel with surface parking.
“Morton Plant Hospital is
currently undergoing a $200 million renovation and expansion project which
enhances this asset’s future value,” concludes Tsunis.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager
Tampa, FL
(813) 387-4700
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