Healthcare Realty Trust buys 17 Davis Blvd. medical building

BUYER: HR of Sarasota Ltd. (officers: David Emery, Scott Holmes, Rita Todd, B. Douglas Whitman II and Frederick Langreck), Nashville, Tenn.
SELLER: Milan-Davis Properties Ltd.
PROPERTY: 17 Davis Blvd., Tampa
PRICE: $7.93 million
PREVIOUS PRICE: $4.5 million, February 1998

PLANS, DESCRIPTION:
Nashville, Tenn.-based real estate investment trust Healthcare Realty Trust Inc. purchased the medical office building 17 Davis Blvd. in Tampa for $7.93 million.

The price equated to $165 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 next to Tampa General Hospital, the 48,200-square-foot medical office building is 93% occupied. It is leased to a number of specialties and physicians from USF Health, including pediatrics and dermatology.

Juan Vega Jr. and Jim Allen, managing directors of the Healthcare and Office Services Group with Colliers International Tampa Bay represented the buyer. M West Holdings was the seller.

“The building was an excellent opportunity for Healthcare Realty to grow its portfolio in Florida by purchasing a property adjacent to Tampa General Hospital,” Vega says in a press release. “This property is in an area that would prove to be difficult to build another major medical office building, since the land surrounding Tampa General Hospital is scarce and typically trades at a premium.”

Healthcare Realty Trust owns a portfolio covering 14.3 million square feet of medical related real estate in 29 states. It provides property management services to about 9.7 million square feet of that space nationwide.