Maryland doctor develops Sanibel complex

Maryland doctor develops Sanibel complex

BUYER: Sanibel Captiva Professional Center LLC (principal: James Frizzell), Frederick, Md.

SELLER: Samuel Bailey as trustee of the Samuel M. Bailey Revocable Trust Agreement

PROPERTY: 600 Tarpon Bay Road, Sanibel

PRICE: $1.5 million

PREVIOUS PRICE: $1.63 million, December 2007

LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa

PLANS, DESCRIPTION: Maryland gastroenterologist James Frizzell purchased 2.23 acres on Tarpon Bay Road near Periwinkle Way for $1.5 million.

Frizzell proposes developing the site as Tarpon Bay Road Medical Center, two 6,000-square-foot medical office buildings.

The purchase price equated to $672,646 per acre.

Construction on the project is scheduled to start in Mid-March and completion is expected towards the end of the year or early 2011. One building is designated for a gastroenterology practice and a general practitioner and the second building is expected to house an x-ray lab, blood lab and physical therapy office. Space is still available for lease in the development.

Bean, Whitaker, Lutz and Kareh Inc. was the engineering firm for the project, and R. F. Fernandez Architect handled the design. Sandcastle Construction Co. of Sanibel will be the general contractor.

The purchase entity Sanibel Captiva Professional Center LLC mortgaged the property to Sanibel Captiva Community Bank for $1.34 million.