Medical practices buy Bay Landing

Medical practices partner to buy Bay Landing building

BUYER: Bay Landing Bonita LLC (principal: Saurahb Patel), Bonita Springs

SELLER: Fletcher LLC

PROPERTY: 27160 Bay Landing Drive, Bonita Springs

PRICE: $1.73 million

PREVIOUS PRICE: $3.85 million, July 2007

LAW FIRM ON DEED: Sweeney & Sweeney SC, Madison, Wis.

PLANS, DESCRIPTION: An investment group, composed of retinal specialist Dr. Saurabh Patel, gastroenterologist Dr. Shardul Nanavati and pain management doctor Dr. Prathima Moorthy, purchased the two-story, 11,598-square-foot former Mahalo Spa & Salon building just east of U.S. 41 and south of Terry Street for $1.73 million.

The purchase price equated to $149 per square foot of building space. The new owners plan to use the building for medical offices.

Patel's ophthalmology medical practice, Florida Retina Center, will occupy 4,500 square feet on the first floor, and the two other partners, Nanavati and Moorthy, will take about 3,500 on the top floor.

The remainder of the space is being listed for lease for $18 a square foot plus CAMs.

“That will be twice as big as our existing space,” Patel says. “We're planning to have all the doctors in and operational by next summer.”

Andrew DeSalvo of Premier Commercial Properties represented the seller.