Some of Bradenton's most prominent power players have sold Lakewood Ranch Medical Office Building I to national real estate investment trust Grubb & Ellis Healthcare REIT II for $12.5 million.
The price equated to $217 per square foot.
The 57,563-square-foot building was 97% occupied at the time of the sale.
The seven-year-old building was developed by former Florida Senate President John McKay, Gary Huggins and general contractor Ron Allen, whose firm NDC Construction built it and the nearby Lakewood Ranch Medical Office Building II.
Steve Horn, of Ian Black Real Estate, represented the seller, and Greg Endsley, of Madison Street Partners, represented the buyer.
“It’s important because a national institutional REIT came to Lakewood Ranch and was so impressed with the area and what was taking place that they were comfortable enough to buy the building,” Horn said. “The success of the building and the hospital goes hand-in-hand with the success of Lakewood Ranch. You’ve got to have the population surrounding it to make it work.”
The purchase was a long-term investment, he said.
The building’s former owners currently are selling suites in Lakewood Ranch Medical Office Building II. Horn said they will be revising pricing soon there with the goal of selling the remaining 16,000 square feet.