Former Sater Group building sells for $1.4 million

BUYER: Johnson Douglass LLP (principals: Paul Douglass, as trustee), Fort Myers

SELLER: SMG Properties LC

PROPERTY: 25241 Elementary Way, Bonita Springs

PRICE: $1.4 million

PREVIOUS PRICE: $385,000, July 2000

TITLE FIRM ON DEED: Seaview Title Co. LLC, Naples

PLANS, DESCRIPTION: The owners of East Naples-based Douglass Orthopedic and Spine Rehabilitation Inc. purchased the 11,045-square-foot former Sater Group office building for $1.4 million.

The price equated to $127 per square foot.

The physical therapy group plans to relocate from its existing 4,400-square-foot office on Burnt Pine Drive to the 6,000-square-foot second floor of the two-story Elementary Way building.

“We've been in business here for 11 years and have just outgrown our current facility,” says Eric Douglass, a physical therapist and owner/president of Douglass Orthopedic and Spine Rehabilitation. “We'll be doing the build-out this summer. That building may allow us to expand into other avenues of associated medicine, including Pilates or personal training.”

Douglass says the building was particularly attractive to the practice because it was extremely close to its current location.

Tenants are already leasing three thirds of the first floor of the building. The new owner plans to lease out the remaining vacant 2,400 square feet as well.

After a fairly extensive interior renovation, Douglass Orthopedic and Spine Rehabilitation expects to move in November.

Brandon Stoneburner of CRE Consultants represented the buyer and Charles Jans of Lee & Associates represented the seller.

The new owner mortgaged the property to IberiaBank for $600,000.