Juan Vega represents sellers in two Tampa Bay healthcare real estate transactions
Indicative of the region’s robust medical office market, Colliers recently announced the sales of two medical office properties in the Tampa Bay area totaling $12.85 million. 2201 Central Avenue Property, LLC purchased an 18,677-square-foot medical office building located in St. Petersburg’s Grand Central District at 2201 Central Ave for $8.25 million. Meanwhile, Brandon H-D Properties, LLC and AMR Redux, LLC purchased an 8,192-square-foot medical office building located at 5041 W Cypress Street in Tampa’s Westshore Business District for $4.6 million.
Colliers’ Juan Vega represented the sellers in both transactions. In St. Petersburg, Vega represented MLF Pathways, LLC, a group of local neurologists who purchased the property in 2007 for $1.1 million. Archer Group Real Estate, LLC and Seacrest Advisory, LLC represented the buyer. In Tampa, Vega represented Crespo & Associates PA in the sale. John DeLaVergne of DeLaVergne & Company represented the buyer.
“These transactions demonstrate the strength of the medical office market across Tampa Bay,” said Vega, executive vice president at Colliers. “Second-generation medical space with significant existing infrastructure is in high demand, because replacement costs and new construction have become cost prohibitive. Both buildings had heavy build-out for imaging that, if replaced and constructed today, would be very expensive.”
The St. Petersburg property is a three-story Class A medical office building that sits on approximately 1 acre near downtown St. Petersburg and Tropicana Field. The building features a modern medical interior with significant mechanical, electrical and plumbing infrastructure designed to support specialty medical uses and imaging.
Orlando Health currently occupies a 3,520-rentable-square-foot MRI suite on the first floor. The buyer, a global real estate investment manager headquartered in Houston, acquired the property as a medical user. The building requires only nominal improvements and is well-suited for an incoming medical group affiliated with Tampa General Hospital.
The Tampa property is a single-tenant medical office building that sits on 0.93 acres and includes 51 parking spaces. Designed as a high-end specialty medical asset, the building features substantial build-out for imaging and other medical uses. The buyer plans to utilize the space with little to no improvements, allowing for immediate occupancy.
“Medical office activity in Tampa Bay remains robust, as new users relocate from out of state and establish a presence in the market,” said Vega. “Most large specialty practices are being acquired by private equity-backed groups, while major healthcare systems expand into new locations to reduce patient drive times to branches and hospital campuses.”
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