Port Charlotte doctors buy Omni Professional Center

BUYER: UB Properties LLC (principals: Bala and Usha Nandigam), Port Charlotte
SELLER: Richard Shafner as trustee of the Omni Realty Trust
PROPERTY: 4045 and 4055 Tamiami Trail, Port Charlotte
PRICE: $910,000
PREVIOUS PRICE: $720,000, November 1986
LAW FIRM ON DEED: Farr Farr Emerich Hackett & Carr PA, Punta Gorda

PLANS, DESCRIPTION:
An acquisition entity led by doctors Bala and Usha Nandigam of Harbor Cardiology & Vascular Center in Port Charlotte purchased the two-building Omni Professional Center for $910,000.

The price equated to $74 per square foot. That figure is less than the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.

The center, which rents executive office suites, features a total of 12,356 square feet of space. Located at the corner of U.S. 41 and Gardner Drive, the building was roughly 80% occupied at the time of the sale.

Ronald Struthers of Coldwell Banker Commercial NRT represented the seller and Sath Voleti of Omni Action Realty represented the buyer.

Voleti says the purchase price equated to an attractive payoff ratio based on income (capitalization rate) of 8.5% to 9%.

The purchase entity, UB Properties LLC, mortgaged the property to Branch Banking and Trust Co. for $500,000.