Nevada real estate investors buy medical imaging center unit

BUYER: Harborpro 3430B LLC (managers: Steven and Melissa Benjamin), Englewood
SELLER: Omni Real Estate LC
PROPERTY: 3430 Tamiami Trail, Building 3, Unit 1B
PRICE: $1.4 million
PREVIOUS PRICE: $648,100, February 2004
LAW FIRM ON DEED: John J. Shea PA, Sarasota

PLANS, DESCRIPTION:
Steven and Melissa Benjamin of Gardnerville, Nev., purchased a 5,734-square-foot medical office condominium for $1.4 million.

The price equated to $244 per square foot. That figure is higher than the two-year average price per square foot for office space ($131) in Southwest Florida, according to the CoStar Group.

The unit, which takeS up half of the 12,000-square-foot building, has been leased by Millennium Physician Group for several years and was previously owned one of its doctors, Dr. James White. The unit is used as an Imaging Center.

Millennium Physician Group extended its lease for two additional years, a total of five years, this past January. The triple-net lease was structured so the landlord had no responsibility for the building condition, upgrades and improvements or for taxes and insurance.

The purchase price equated to a payoff ratio based on current income (capitalization rate) of 12%.

Pete Walsh of Maxim Commercial Real Estate LLC represented the seller and Kevin Lindheim, president of Florida Valuation & Consultants Inc., represented the buyer.

The purchase entity, Harborpro 3430B LLC, mortgaged the medical condominium unit to CNLBank for $700,000.