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BUYER: Bradenton Landings Medical Center (principal: Mostafa El-Sherif), Concord, N.H.
SELLER: River Landings Medical Center LLC
PROPERTY: 5440, 5450 and 5460 E. 63rd St., Bradenton
PRICE: $1.55 million
PREVIOUS PRICE: $1.22 million, September 2012
LAW FIRM ON DEED: Fowler White Boggs PA, Tampa
PLANS, DESCRIPTION: Real Estate investor Mostafa El-Sherif of Concord, N.H., purchased the 10,084-square-foot River Landings Medical Center for $1.55 million.
The price equated to $154 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.
Located south of State Road 70 in a medical park and eight miles from Manatee Memorial Hospital, the building is fully leased to three medical tenants. The 15-year-old River Landings Medical Center occupies a 1.48-acre parcel. It features multiple exam rooms and offices as well as a large reception area, break room and several bathrooms.
“It was a leased building that I just acquired as an investment,” El-Sherif says. “I invest in a lot of different areas when I find the right opportunities.”
Justin West and Jordan Wean of Marcus & Millichap represented the seller.
El-Sherif is a dentist, former dental school professor and owns several multispecialty dental practices, including Dr. El-Sherif Dentistry in Concord, N.H.
The purchase entity, Bradenton Landings Medical Center, mortgaged the property to TD Bank NA for $1 million.
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