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.