Wesley Chapel company buys Summit Medical Center

BUYER: Summit Medical LLC (principal: Pathmanath DeSilva), Wesley Chapel
SELLER: Wells Fargo Bank NA as trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-through Certificates Series 2007-IQ15
PROPERTY: 7455, 7457, 7459, 7463, 7509, 7515, 7537 and 7551 State Road 52, Hudson
PRICE: $2.1 million
PREVIOUS PRICE: $12.46 million, June 2007
LAW FIRM ON DEED: Bryan Sykes Esq., Tampa

PLANS, DESCRIPTION: A company led by Tampa-area entrepreneur Pathmanath DeSilva purchased the three-building Summit Medical Center for $2.1 million.

The price equated to $42 per square foot. That figure is less than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The 8.53-acre property features a two-story office building, a single-story office building and a single-story retail building.

The development was 50.6% occupied at the time of the sale, equating to an income of about $300,000, according to recent marketing materials. Tenants include Dr. Choice's Pharmacy, Quest Diagnostics and several physician and medical groups.

The purchase entity Summit Medical LLC mortgaged the property to Florida Traditions Bank for $1.58 million.