Sarasota investor pays cash for Bradenton Cardiology building

BUYER: DBM Manatee LLC (principal: David Morgan), Sarasota
SELLER: Thomas-Montalvo-Pizzo-Troyer Partnership
PROPERTY: 316 W. Manatee Ave., Bradenton
PRICE: $5.34 million
PREVIOUS PRICE: $220,000, June 1997
LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION:
Sarasota real estate investor David Morgan purchased the 24,000-square-foot Bradenton Cardiology Center property for $5.34 million.

The price equated to $223 per square foot. That figure is more than the two-year average price per square foot for office space ($104) in the Tampa Bay area, according to the CoStar Group.

Bradenton Cardiology Center constructed the three-story building near Manatee Memorial Hospital for the practice in 1999. More recently, the medical practice reached a long-term agreement with the hospital, which took over responsibilities for providing facilities to the practice. Manatee Memorial Hospital will lease the building from the new owner and will be handling some of the maintenance.

Bob Morris of the downtown Sarasota office of Sperry Van Ness Commercial Advisory Group represented the buyer and Medical Office Building specialist Mark Alexander, medical office building specialist in Sperry Van Ness' Fort Myers office represented the seller.

“Dr. [George] Thomas and his practice built the facility and now they're cashing out [of the building],” Morris says. “One of the partners has already retired and a couple other partners are planning to retire. This [building] was part of their retirement plan.”

The building was in excellent shape, according to Morris, and only minor cosmetic improvements to the exterior paint and parking lot are planned. The big attraction for the buyer, he says, was the quality of the real estate, proximity to the hospital and the credit-worthiness of the tenant.

“These medical properties don't last long on the market because of the strength of the tenant guarantees and their attractiveness as investment properties,” Morris says. “They are very easy to mange and maintain.”

The property was sold for cash.