Sarasota Memorial Health Care buys Hillview medical building

BUYER: Sarasota County Public Hospital District, Sarasota

SELLER: Branch Banking and Trust Co.

PROPERTY: 1852 Hillview St., various units, Sarasota

PRICE: $3 million

PREVIOUS PRICE: $1.25 million, January 2006

LAW FIRM ON DEED: Roetzel & Andress LPA, Orlando

PLANS, DESCRIPTION: The Sarasota County Public Hospital District has added another Hillview Street medical building to its real estate portfolio. The district, which owns and operates the Sarasota Memorial Health Care System, purchased a 20,346-square-foot, three-story medical condominium building for $3 million.

The price equated to $147 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The building houses Sarasota Memorial's Human Resources Department and an Achieva Credit Union branch. Its third floor is currently vacant.

Branch Banking and Trust Co. foreclosed on the building in September and had planned to sell it.

“We had first right of refusal, and we purchased it for our HR department,” says Kim Savage, senior communications editor for Sarasota Memorial Health Care System. “We have no specific plans right now beyond using it for our HR department, but we will probably use it as offices for departments that are in leased spaces.”

In late July, the district purchased the 7,902-square-foot The Hillview Pavilion medical office building at 1888 Hillview St., Sarasota for $2.13 million.