American Realty Capital Healthcare Trust buys St. Andrews Medical Park

BUYER: ARHC SavenFL01 LLC (American Realty Capital), Charlotte, N.C.
SELLER: AW St. Andrews LLC
PROPERTY: 1350-1370 E. Venice Ave., Venice
PRICE: $13.31 million
PREVIOUS PRICE: $9.5 million, April 2012
LAW FIRM ON DEED: Jones Foster Johnston & Stubbs PA, Jupiter

PLANS, DESCRIPTION:
American Realty Capital Healthcare Trust purchased the 64,197-square-foot St. Andrews Medical Park for $13.31 million.

The price equated to $207 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.

Located two miles from Venice Regional Medical Center, the three-building medical office park was built in 1997 and renovated in 2012.One of the biggest tenants in the park, the Surgery Center at St. Andrews provides general surgery, ophthalmology, cosmetics, reconstructive, orthopedic, podiatry, ENT, gynecology and urology services. The other major tenant is Center for Sight, a vision, cosmetic and skin care medical practice.

The transaction marks a quick resale for former owner, AW Property. The Palm Beach Gardens-based real estate investment and operating company purchased the property two years ago from Healthcare Realty Trust for $9.5 million. AW Property acquired the Venice medical park as part of a seven-building portfolio of medical office properties along the Gulf Coast (Safety Harbor, Bonita Springs, Fort Myers and Lehigh Acres) from Healthcare Realty Trust. It paid a total of $30.3 million for the 272,571 square feet of medical space or $111 per square foot.