Please ensure Javascript is enabled for purposes of website accessibility

Fort Myers eye doctor buys office building

  • By
  • | 6:51 p.m. August 6, 2010
  • Commercial Real Estate
  • Share

BUYER: Summerlin Medical LLC (principal: Scott Geller), Fort Myers

SELLER: Growth Factor of SW Florida LLC

PROPERTY: 4755 Summerlin Road, Fort Myers

PRICE: $1.2 million

PREVIOUS PRICE: $1.35 million, June 2003

TITLE FIRM ON DEED: Warranty Title Solutions LLC, Fort Myers

PLANS, DESCRIPTION: Dr. Scott Geller, an eye doctor, purchased a 13,779-square-foot office building for $1.2 million.

The price equated to $87 per square foot.

Geller's practice, the South Florida Eye Foundation/South Florida Eye Clinic, specializes in laser treatments for eye floaters. Geller plans to build out a little more than 5,000 square feet of the vacant space in the building for his practice.

The building already houses Bushan Lakshmi MD PA and an MRI center. Geller plans to have the remaining 3,000 square feet of vacant space renovated and market it for lease to either medical or professional office users.

Geller's practice is scheduled to occupy the space by the end of the year.

“It was the right physical shape for me, and it's at the corner of Summerlin [Road] and Colonial [Boulevard] right in the center of other medical offices space,” Geller says. “We got an SBA loan to go ahead and rehabilitate the building. We will be changing the lobby, entranceway, the exterior of the building and the vacant areas.”

Adds Geller: “I feel very fortunate that in medicine we are only slightly affected by the economy. It made buying the building feasible.”

The 20-year-old medical practice has previously only leased space.

The purchase entity Summerlin Medical LLC mortgaged the property to JPMorgan Chase Bank NA for $960,000.


Related Articles


Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.