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Kennedy White Orthopedic Center buys two floors of CattleRidge Medical
BUYER: CatMed/Kwoc LLC, Sarasota
SELLER: CatMed II LLC
PROPERTY: 6050 Cattleridge Blvd., units 201 and 301, Sarasota
PRICE: $5.94 million
PREVIOUS PRICE: $1.5 million, January 2005 (included multiple parcels)
LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton
PLANS, DESCRIPTION: The Kennedy White Orthopedic Center purchased the second and third floors — 26,000 square feet — in the CattleRidge Medical Center near the intersection of Bee Ridge and Cattlemen roads for $5.94 million.
The purchase price equated to $228 per square foot.
Fred M. Starling Inc., which built the building, will perform all the interior construction for the new Kennedy White's offices. The first floor of the building is still listed for sale or lease.
The firm is scheduled to move early February.
Kennedy White Orthopedic Center, which currently leases two floors in a building next to Doctors Hospital of Sarasota, was looking to buy or construct a new building when it found the CattleRidge Medical Center.
“Because we are on two floors we had to have two offices,” says Sean O'Neal, practice administrator. “We had medical records on the first and second floor and check-in space on both. They were really two complete offices. These are bigger floors so we can group things together. We will have clinical space on the top floor and administrative and support space on the second floor.”
Plus, O'Neal says, the purchase price was considerably less than during the height of the market and below the cost of buying land and building comparable space.
“So while we have been disappointed we haven't been able to find a home sooner, economically we are buying for less than the cost of renting even discounting equity,” he says.
Founded in 1975, the specialty medical practice features 11 doctors and 55 employees.
The purchase entity CatMed/Kwoc LLC mortgaged the property to CNLBank for $6.19 million.
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