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Business Observer Friday, May 24, 2013 9 years ago

Intercoastal Medical Group opening new Ranch office

The price equated to $631,399 per acre.

BUYER: Rangeland MOB LLC (principal: Dr. John Steele), Sarasota
SELLER: Lakewood Ranch Commerce Park LLC
PROPERTY: northeast corner of Rangeland Parkway and Lakewood Ranch Boulevard, Bradenton
PRICE: $1.85 million
LAW FIRM ON DEED: Schroeder-Manatee Ranch Inc.

PLANS, DESCRIPTION: A company led by family practitioner Dr. John Steel of Intercoastal Medical Group, purchased 2.9 acres north of State Road 70 in Lakewood Ranch for $1.85 million.

The price equated to $631,399 per acre. That figure is lower than the two-year average price per acre for office space ($1.18 million) in the Tampa Bay area, according to the CoStar Group.

Fred M. Starling Inc. has been hired as development manager/general contractor to construct a 25,000-square-foot, two-story medical office building with 160 parking spaces on the site. The building will feature physician offices, exam rooms, diagnostic and imaging equipment, labs and facilities for physical therapy.

Intercoastal Medical Group is scheduled to occupy the building in January. It will replace an 8,000-square-foot Lakewood Ranch building it currently leases at 8340 Lakewood Ranch Blvd.

Fred Starling, president and CEO of the Starling Group, also handled the purchase of the site with the seller, an affiliate of Schroeder Manatee Ranch.

“[What was attractive] was the exposure and visibility at that location and the amount of residential growth that's planned in that area over the next five to 10 years,” he says.

Steel did not reply to requests for comment prior to deadline.

The purchase entity, Rangeland MOB LLC, mortgaged the property to The Northern Trust Co. for $4.4 million.

Intercoastal Medical Group is a professional association of more than 65 physicians. It currently has seven locations in Sarasota and Manatee counties.

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