Florida Medical Clinic buys former Borders property

BUYER: FMC Town Center LLC (principal: Joe Delatorre), Zephyrhills
SELLER: Wells Fargo Bank NA as trustee for the registered holders of GE Business Loan Pass Through Certificates Series 2004-1
PROPERTY: 2020 Town Center Blvd., Brandon
PRICE: $2.05 million
PREVIOUS PRICE: $875,000, April 2003
LAW FIRM ON DEED: Katten Muchin Rosenman LLP, Chicago

PLANS, DESCRIPTION:
Florida Medical Clinic purchased a 22,585-square-foot former Borders bookstore building for $2.05 million.

The price equated to $91 per square foot. That figure is lower than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The new owner plans to convert the property into medical office space.

CBRE represented the seller, Business Property Lending, and Gregory Morgan of Morgan Realty Advisors represented buyer.

“Florida Medical clinic was attracted to this building's central location near the Westfield Brandon mall,” CBRE Senior Vice President Mark Shellabarger, who leads the Private Capital Group - Retail team for the Tampa office, says in a press release. “It is located just off the Lee Roy Selmon Crosstown Expressway with easy access to other major thoroughfares. It is an ideal spot for Florida Medical Clinic to expand their services in the Brandon market.”

Florida Medical Clinic currently operates from 36 locations in the Tampa Bay area and offers 33 medical specialties.