Ohio's Health Care REIT buys two Pinnacle Medical Group buildings

BUYER: Health Care REIT Inc., Toledo, Ohio
SELLER: TST Bradenton
PROPERTY: 7005 W. Cortez Road, Bradenton
PRICE: $10.98 million
PREVIOUS PRICE: $5.87 million, February 2011

PROPERTY: 315 W. 75th St., Bradenton
PRICE: $5.33 million
PREVIOUS PRICE: $5.33 million, February 2011
LAW FIRM ON DEED: DLA Piper LLP (US), Chicago

PLANS, DESCRIPTION:
The large real estate investment trust Health Care REIT purchased the two Pinnacle Medical Group buildings in Manatee County from The Sanders Trust for $16.32 million.

The price equated to $296 per square foot. That figure is higher than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

The sale included a 19,942-square-foot medical complex on Cortez Road and 35,217-square-foot medical building on 75th Street north of Manatee Avenue. The larger building was originally constructed in 1975 and the smaller, Cortez Road property, was built in 2006.

The former owners of Pinnacle Medical Group, Marc Kallins, Jack Alexander, Stephen Pelham, Kevin Boyer and Sanjay Yathiraj, sold the two buildings to the trust in early 2011.

Officials for Pinnacle Medical Group did not reply to a request for comment prior to deadline.

The Toledo, Ohio-based REIT focuses on senior housing and medical real estate and owns 1,212 properties in three countries as of March 31.

Based in Toledo, Ohio, Health Care REIT is publicly traded, with a portfolio that includes 1,212 properties.