HealthCap Partners LLC buys Riverwalk Professional Center

BUYER: Fort Myers Creekside MOB LP (managers: Chrisman Jackson and Jason Dodd), Dallas
SELLER: Jacobs Properties Limited Partnership
PROPERTY: 12600 Creekside Lane, Fort Myers
PRICE: $4 million
PREVIOUS PRICE: $3.7 million, September 2000
LAW FIRM ON DEED: Owens Clary & Aiken LLP, Dallas

PLANS, DESCRIPTION:
Dallas-based private equity firm HealthCap Partners LLC purchased a 24,174-square-foot Riverwalk Professional Center medical office building for $4 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 ($131) in Southwest Florida, according to the CoStar Group.

The Lee Memorial Health System rents the entire building in Riverwalk Office Park through five separate leases. Those rental agreements leave the new buyer responsible for only the HVAC system and the building structure.

Jim Tamblyn and William Mankin of Colliers International Southwest Florida represented the seller, Jacobs Properties LP. The brokers say the buyer is currently looking for high-quality investments with reasonable returns in secondary and tertiary markets.

“Low interest rates and less restrictive lending terms are creating greater value in stabilized office investment properties in Southwest Florida,” Mankin says in a press release. “This has caused investors to seek out quality properties rather than the 'value-add' or 'by-the-pound' investments that have dominated local asset purchases in recent years.”

Tamblyn says the buyer was also attracted by the stability of the tenant and strong likelihood that it would renew its leases beyond its current four-year term.

“The condition of the building was also very good,” he says. “It's a 20-year-old building, but there were a lot of tenant improvements to adapt the space. ”

HealthCap targets on- and off-campus health care buildings affiliated with hospital systems, specialty care providers and established multisite physician groups.

The purchase entity, Fort Myers Creekside MOB LP, mortgaged the property to General Electric Capital Corp. for $3.5 million.