All Florida Orthopaedic buys nearby Ponderosa

BUYER: All Florida Orthopaedic Associates PA (principals: Lawrence Gnage, Robert Hamilton, George Canizares, William Lowry, Clinton Davis and Jorge Rodriguez), St. Petersburg

SELLER: Rel-Ben LLC

PROPERTY: 4526 Fourth St. N., St. Petersburg

PRICE: $1.2 million

PREVIOUS PRICE: $1.42 million, May 2009

LAW FIRM ON DEED: Trenam Kemker, St. Petersburg

PLANS, DESCRIPTION: All Florida Orthopaedic Associates PA purchased a 5,424-square-foot former Ponderosa Steakhouse for $1.2 million. The price equated to $221 per square foot.

The building, on Fourth Street, is next to the main building for the 11-doctor practice.

“We didn't think this was an opportunity we could pass up because of its location near our main building,” says All Florida Orthopaedic Associates Executive Director Art Nadelman. “We have no immediate plans on how to use it.”

The building, which occupies 1.14-acres, is vacant. The practice, which concentrates on muscle and bones, mortgaged the property to Branch Banking & Trust for $1.24 million.