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BUYER: Manatee County Rural Health Services Inc. (principals: Walter Presha Sr., Juanine Lowery, Livia Leyva, Victor Young, Marc Lazarus and Garry Lowe) Parrish
SELLER: 700 8th Avenue West (FL) LLC
PROPERTY: 610 and 700 W. Eighth Ave., 625 W. Sixth Ave. and 701 W. Ninth St., Palmetto
PRICE: $985,000
PREVIOUS PRICE: $1.25 million, August 2006
LAW FIRM ON DEED: Saul Ewing LLP, Philadelphia
PLANS, DESCRIPTION: Manatee County Rural Health Services Inc. purchased the 27,000-square-foot Palmetto Bank of America building for $985,000. The price equated to $36 per square foot.
The Parrish-based nonprofit plans to relocate its administrative offices to the Palmetto building. Bank of America has a lease to continue to occupy from the building for another four years.
“We've been in portables for most our time in Parrish, and those have a limited life,” says Mickey Presha, president and CEO of Manatee County Rural Health Services. “We wanted to purchase something that would allow us something more permanent. We were also looking for a building with major tenants to help us defer some of the cost [of ownership.]”
Having budgeted $300,000 for renovations, the nonprofit medical group plans to occupy 7,500 square feet. Bank of America leases the majority of the building, with 10,537 square feet and a 4,704-square-foot drive-thru. Presha says Manatee County Rural Health Services is still evaluating its options for leasing out the remaining vacant space.
“We hope to be in there somewhere towards the first of the year,” Presha says. “We plan to be a good neighbor to Bank of America and make it a seamless change for both companies. We have a different entrance from the bank and health staff will not have to come into contact with Bank of America customers. We have a separate parking lot as well.”
Ian Black and Steve Horn with Ian Black Real Estate represented the buyer and Lee DeLieto Sr. with Michael Saunders & Co. represented the seller.
Manatee County Rural Health Services Inc. provides healthcare services primarily to the uninsured or under-insured. It currently operates 19 healthcare centers and two administrative sites.
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