Bradenton investment group buys Coastal Orthopedic building

BUYER: Coastal Center 64 E LLP (principal: John McKay), Bradenton
SELLER: Axcess Diagnostics Building Bradenton LLC
PROPERTY: 5101 E. Fourth Ave. Circle, Bradenton
PRICE: $3.35 million
PREVIOUS PRICE: $777,500, November 2003
LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION:
An investment group led by The Riverside Real Estate Co.'s John McKay and Ron Allen and the principals of Coastal Orthopedics purchased a 18,501-square-foot medical office building for $3.35 million.
The price equated to $181 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's two main tenants are Coastal Orthopedics and Partners Imaging Centers. It had a single vacancy at the time of the sale, equating to a roughly 20% vacancy rate. Constructed in 2004, the building occupies a 1.69-acre parcel.

“We felt we were buying it at pretty attractive pricing,” McKay says. “It will be an investment for us. We will be doing the tenant improvements and some other minor cosmetic improvements.”
The purchase entity, Coastal Center 64 E LLP, mortgaged the property to Seaside National Bank & Trust for $2.95 million.