Please ensure Javascript is enabled for purposes of website accessibility

Broadstone Net Lease buys Tower Radiology buildings

  • By
  • | 11:35 p.m. March 4, 2011
  • | 2 Free Articles Remaining!
  • Tampa Bay-Lakeland
  • Share

BUYER: Broadstone TR Florida LLC (Broadstone Net Lease LLC), Rochester, N.Y.

SELLER: Rads Properties Inc.

PROPERTY: 4719 N. Habana Ave., Tampa

PRICE: $4.98 million

PREVIOUS PRICE: $1.59 million, December 1994

SELLER: Rads Properties Inc.

PROPERTY: 14231 Bruce B. Downs Blvd., Tampa

PRICE: $4.01 million

PREVIOUS PRICE: $900,000, October 2000

SELLER: Newrads Properties LLC

PROPERTY: 3340 Bell Shoals Road, Brandon

PRICE: $2.32 million

PREVIOUS PRICE: $1.69 million, December 2008

SELLER: Newrads Properties LLC

PROPERTY: 2324 Oak Myrtle Lane, Wesley Chapel

PRICE: $3.2 million

PREVIOUS PRICE: $3.19 million, February 2009

LAW FIRM ON DEED: Tones Vaisey PLLLC, Rochester, N.Y.

PLANS, DESCRIPTION: Broadstone Net Lease Inc. purchased four medical offices operated by Tower Radiology for $14.51 million.

The price equated to $3.63 million per building.

The transaction was a sale/leaseback, and Tower Radiology agreed to a 15-year triple-net lease on all of the properties, where it will pay certain building expenses.

Camille Renshaw and Joshua Pardue of Colliers International Tampa Bay handled the transaction. Colliers officials say the price is a national record for comparable, stabilized medical office buildings at a 7.47% capitalization rate, a key indicator that compares purchase price to rents.

“Seven percent is what we are seeing for national tenants,” Pardue says. “The fact that it was paid for a regional medical group is noteworthy, especially given the economic environment. There is a great bit of capital out there looking for similar medical investments.”

The properties were especially attractive to Broadstone, Pardue says, because of the imaging group's large market share. Tower Radiology is the second largest imaging firm in Florida and the 15th largest nationwide.

Broadstone Net Lease Inc. is a private real estate investment trust that invests in freestanding single-tenant properties under net leases, where the tenant pays a variety of expenses in addition to rent. Broadstone currently owns 78 properties in 21 states.


Latest News


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.