St. Stephen's Episcopal School buys adjacent office building

BUYER: Episcopal Day Private School of Manatee County Inc. (St. Stephen's Episcopal School), Bradenton
SELLER: Visiting Nurse Association of Florida Inc.
PROPERTY: 3806 W. Manatee Ave., Bradenton
PRICE: $850,000
PREVIOUS PRICE: $500,000, August 2001
LAW FIRM ON DEED: Ross Earle & Bonan PA, Stuart

PLANS, DESCRIPTION:
The St. Stephen's Episcopal School purchased a 7,320-square-foot office building for $850,000.

The price equated to $116 per square foot. That figure is in line with the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

Built in 2004, the two-story office building is leased to Lincare Inc. and Mederi Caretenders. The 0.95-acre property is adjacent to the school's existing campus.

The school acknowledged the purchase, but declined to comment further on its future use. However, it has time to develop its plans; the two tenants have two to three years remaining on their leases.

Michael Yurocko of SLC Commercial represented the seller. He says the higher than normal price for Manatee County office space came from the age and good condition of the building and the stability of the tenants.

The purchase entity, Episcopal Day Private School of Manatee County Inc., mortgaged the property to SunTrust Bank for $850,000.