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BUYER: South Bay Medical LLC (Stanley P. Whitcomb Jr. Revocable Trust and Chester Med LLC), Sun City Center
SELLER: Cypress Park Limited Partnership
PROPERTY: 4051 Upper Creek Drive, Ruskin
PRICE: $3.75 million
PREVIOUS PRICE: $685,000, May 1996
TITLE FIRM ON DEED: South Bay Title Insurance Agency Inc., Ruskin
PLANS, DESCRIPTION: Chester Partners LLLP of Delray Beach and commercial real estate agent Stan Whitcomb purchased the 32,132-square-foot South Bay Medical Arts building for $3.75 million.
The price equated to $117 per square foot. That figure is in line with the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.
The 13-year-old Sun City Center medical building was 85% occupied at the time of the sale. Half the building, some 17,000 square feet, is leased by South Bay Hospital, which has been there since 2001. The concrete-block South Bay Medical Arts building is located adjacent to South Bay Hospital and the three-story Homewood Residence assisted-living facility. The 3.32-acre property includes 144 parking spaces.
Whitcomb of Realtec Realty Inc. represented the buyer and will be managing it.
“Medical buildings have a lot of demand in Sun City Center with the retirement community,” he says. “We expect to have the balance of the space filled up within the next 60 days.”
The purchase entity, South Bay Medical LLC, mortgaged the property to American National Insurance Co. for $2.9 million.
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