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BUYER: Universal Health Care Inc.(principals: Akshay Desai, Sandip Patel, James O'Drobinak and Steve Schaefer), St. Petersburg
SELLER: Central Station Owner LLC
PROPERTY: 100 Central Ave. also known as One Universal Way, St. Petersburg
PRICE: $9 million
PREVIOUS PRICE: $15 million, August 2006
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa
PLANS, DESCRIPTION: Universal Health Care Group purchased the two office floors in its headquarters building for $9 million. The price equated to $68 per square foot.
The 131,607-square-foot building has two floors of office space beneath five floors of parking. Universal, a healthcare plan company, has occupied 60,000 square feet on the second floor for the past two years.
The company will now occupy an additional 7,000 square feet on the first floor for a new mailroom and copy center. It also plans to expand into an additional 15,000 square feet on the second floor.
“This helps us bring more functions in-house,” says Sandip Patel, the company's general counsel. “Based on the price we were able to acquire it for it actually helps us financially from day one. It's cheaper than rent. This is an asset that will allow us to comfortably grow.”
The building has been renamed One Universal Way since the purchase. Universal will consider offering the rest of the space for lease.
The company has been on a growth spurt. It grew from 250 employees in 2008 to 500 last year. Patel expects the company will grow to 600 this year.
Universal was also recently approved to start delivering services to Medicare beneficiaries in five additional states. It currently provides services in 11 states.
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