California real estate investor buys Manatee Avenue medical building

BUYER: Simonette LLC, Hidden Hills, Calif.
SELLER: A. First Enterprises I LLC
PROPERTY: 4110 and 4112 Manatee Ave. W., Bradenton
PRICE: $1.45 million
PREVIOUS PRICE: $1.01 million, July 2011
LAW FIRM ON DEED: Karl M. Schmitz III PA, Safety Harbor

PLANS, DESCRIPTION: A Hidden Hills, Calif. investor operating as Simonette LLC purchased a 6,213-square-foot medical office building for $1.45 million.

The price equated to $233 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 is currently leased to HCA Medical and operated by its Pinnacle Medical Group. HCA Medical has more than 12 years remaining on a 15-year lease, which also includes annual 3% rent increases.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 6%.

Derrick and Steven Schroeder of Solid Investments represented the seller.

“The buyer just loved the area,” says Steven Schroeder. “It was a modified triple net lease, which means the landlord was responsible for the roof and structure.”