Healthcare Coding & Consulting buys office on Summerlin Road

BUYER: 8000 Summerlin LLC (principals: Bill and Margaret Cronin), Fort Myers
SELLER: U.S. Acquisition Property XII LLC
PROPERTY: 8000 Summerlin Lakes Drive, Fort Myers
PRICE: $1.85 million
PREVIOUS PRICE: $522,800, November 2004
TITLE FIRM ON DEED: Cape Coral Title Insurance Agency Inc., Cape Coral

PLANS, DESCRIPTION:
A limited-liability entity led by the owners of Healthcare Coding & Consulting purchased a 14,225-square-foot office building just east of Summerlin Road for $1.85 million.

The price equated to $130 per square feet. That figure is in line with the two-year average price per square foot for office space ($131) in Southwest Florida, according to the CoStar Group.

The 6-year-old building is currently leased to the financial services firm Raymond James, which occupies the entire first floor. Half of the second floor of the building was never built-out.

Bill Cronin, CEO of Healthcare Coding & Consulting, says the company was attracted by and will be filling the remaining about 8,500 square feet in the building. The company, which does remote medical coding, currently occupies about 6,000 square feet in a leased space at 8270 College Parkway, Suite 101, Fort Myers.

“This is a first-class building in great location,” Cronin says. “We needed more space for people and this has a lot more useable office space. I like the idea of having a first-class outfit [Raymond James] down below us.”

Healthcare Coding & Consulting plans to relocate 21 employees to the new building after a substantial renovation is completed toward the first part of August. The company has 155 employees nationwide, most of whom work from home. It is projected to have 180 employees based on its current growth rate by the third quarter.

Rodney Fidler and Richard Clarke of LandQwest Commercial represented the seller and Carlos Acosta and Chuck Smith also of LandQwest Commercial represented the buyer.

The purchase entity, 8000 Summerlin LLC, mortgaged the property to Wells Fargo Bank National Association for $1.39 million.