Sale Represents One of the Highest Price Per SF Acquisitions in Market
Tampa, FL — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of The Reproductive Medicine Group, a fertility clinic located at 5249 East Fletcher Ave, Tampa, FL. The property sold for more than $600 per square foot, one of the highest prices per square foot for a medical building recorded in Tampa, for a total purchase price of $10,000,000. Senior Associate Pedrum Lavassani and First Vice Presidents and Senior Directors Michael Moreno and Rahul Chhajed represented the seller in the transaction.
The healthcare investment was sold by the partners of The Reproductive Medicine Group. The partners had recently sold the practice with a newly executed 15-year lease, after which they decided to capitalize on the real estate’s high value and sell the building. Matthews™ agents sourced the buyer, Montecito Medical Real Estate.
“Our client was able to work with a highly-qualified buyer that was able to work through the moving market conditions,” Chhajed said.
The Reproductive Medicine Group has operated in the Tampa MSA for over 40 years with five locations throughout the area. The practice provides a full range of fertility services.
“The buyer was able to secure a long-term NNN lease with a tenant who has been operating at this specific location for over 20 years,” Lavassani said. “This property houses the practices’ only surgery center and lab, making it a mission-critical clinic for the group.”
The Reproductive Medicine Group will remain in this location and continue to serve the families of Tampa.
“We overcame several hurdles throughout the process with rising interest rates and a lease amendment,” Moreno said. “Our team kept all parties engaged and came up with creative solutions to move the deal forward.” For more information or to contact Pedrum Lavassani, Michael Moreno, and Rahul Chhajed www.matthews.com.
About Matthews™
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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