Tidewell Hospice buys Lakewood Ranch building

Tidewell Hospice buys Lakewood Ranch building

BUYER: Tidewell Hospice Inc., Sarasota

SELLER: Towne/Hembree II LLC

PROPERTY: 8450 Enterprise Circle also known as 6310 Capital Drive, Lakewood Ranch

PRICE: $6.55 million

PREVIOUS PRICE: $968,000, November 2001

LAW FIRM ON DEED: Najmy Thompson LP, Bradenton

PLANS, DESCRIPTION: Sarasota-based non-profit Tidewell Hospice purchased the two-story building housing its Lakewood Ranch office for $6.55 million. The purchase price equated to $179 per square foot of building space.

Tidewell Hospice has occupied a quarter of the building's first floor since the 36,652-square-foot building opened in 2003.

The hospice plans to move its marketing/communications, triage, pharmacy, admissions-access center and resource physicians departments into the building, taking an additional quarter on the top floor. Tidewell Hospice will continue to locate its human resources and education departments and its clinical teams in the building. The hospice plans to renovate the top floor space for a move-in in early December.

Progressive Insurance, Bank of America (Countryside Home Loans) and Starwood Land Ventures also lease space in the building. The Hospice expects to have 7,000 square feet available for lease.

“We primarily felt it was a smart investment on our part,” says Dave Glaser, director of communications. “Like many other healthcare providers, we are anticipating cuts in reimbursement. So we felt this would be a good way to safe guard our resources from things like inflation. It will also offer us a new revenue stream from the rentable space. We will be moving six departments there from our main office on Rand Boulevard, which has been getting pretty crowded.”