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BUYER: Medicine Man Development LLC (principal: R. Patrick Marston), St. Petersburg
SELLER: Fitness International LLC
PROPERTY: 623 Oakfield Drive, Brandon
PRICE: $1.45 million
PREVIOUS PRICE: $2.6 million, July 2012
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Tampa
PLANS, DESCRIPTION: St. Petersburg-based developer Optimal Outcomes LLC purchased a 23,916-square-foot former LA Fitness building for $1.45 million.
The price equated to $60 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.
The freestanding building sits on a 3.26-acre site west of Brandon Regional Hospital.
The new owner will most likely demolish the building to develop a 35,000-square-foot medical office building it is calling Brandon Medical Pavilion. However, Optimal Outcomes is also considering converting the existing building to accommodate medical users, but this is considered much less likely. In either case, the future building will house no more than two tenants.
Jessica Bellman, director of development for Optimal Outcomes, says the company is waiting on lease agreements/tenants to finalize its plans.
“This was about location more than anything,” she says. “Brandon, as an area, is growing rapidly, there are more homes and more health care clients that want to be in there.”
The purchase entity, Medicine Man Development LLC, mortgaged the property to Florida Bank for $750,000.
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