Alabama health care REIT buys Pinnacle medical buildings

BUYER: TST Bradenton LLC (principal: Rance Sanders), Birmingham, Ala.

SELLER: PMG Real Estate Investors LLP

PROPERTY: 7005 W. Cortez Road, Bradenton

PRICE: $5.87 million

SELLER: Pinnacle Real Estate Holdings LLC

PROPERTY: 315 W. 75th St., Bradenton

PRICE: $5.33 million

PREVIOUS PRICE: $2.71 million, May 2003

LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION: Birmingham, Ala.-based The Sanders Trust purchased two Pinnacle Medical Group medical buildings for a total of $11.2 million.

The price equates to $203 per square foot.

The properties include a 19,942-square-foot medical complex on Cortez Road and 35,217-square-foot medical building on 75th Street north of Manatee Avenue.

In February, Bradenton-based Pinnacle Medical Group was sold to Blake Medical Center. The former owners of Pinnacle Medical Group: Marc Kallins, Jack Alexander, Stephen Pelham, Kevin Boyer and Sanjay Yathiraj, sold the two buildings.

“The buildings were in a good location,” says David Baylot, senior vice president of the health care-focused real estate investment trust. “Pinnacle Medical Group also has a stellar reputation. We [also] have a long-term relationship with HCA [parent of Blake Medical Center.]”

Prior to the purchase, the trust's sole property in Florida was in Tallahassee. The REIT owns a total of 24 properties nationwide.

The purchase entity TST Bradenton LLC mortgaged the properties to First Tennessee Bank NA for $9.04 million.

Barry D. Edwards & Associates Inc. handled the transaction.