SUN CITY CENTER, Fla., July 23, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of South Bay Medical Arts, a 28,917-square foot medical office property located in Sun City Center, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $7,250,000.
Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Krone Weidler and L.J. Tsunis.
“Due to the location of the asset, stable in-place leases, and strong cash flow, we were able to generate multiple-offers for this property and achieve significant proceeds for the seller” said Tsunis. “The buyer was a regional medical office investment company looking to add to their portfolio in Florida,” added Tsunis.
South Bay Medical Arts is located at 4051 Upper Creek Drive in Sun City Center, Fla. The property is strategically located adjacent to the 138-Bed South Bay Hospital, an HCA hospital. The property enjoyed 100% occupancy at the time of sale and was leased from a variety of local, regional and national healthcare tenants, including SimonMed Imaging, Florida Cancer Specialists, and Bioreference Laboratories among others. “The seller spent the past several years making physical improvements to the property and securing long-term leases from several tenants. With new signage, upgrades to the common areas and increased occupancy, the seller was able to stabilize the property and add tremendous value.” added Tsunis.
Survey data for the latest year available shows that 27,597 patients visited the hospital’s emergency room. The hospital had a total of 8,023 admissions and it’s physicians performed 2,566 inpatient and 2,258 outpatient surgeries. In 2014, South Bay Hospital began a $33 million capital project that includes the addition of a new patient tower and catheterization lab, plus renovations of existing patient care areas to provide new flooring and new finishes for an updated, modern design. The project was completed in December of 2016 and the hospital expects to increase staff about 10 percent from the current total of 475 full and part-time employees as a result. South Bay Medical Arts building is less than a mile from Interstate 75 and adjacent to the Homewood Residence, a three-story assisted living facility.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.