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Physicians Realty Trust buys four 21st Century Oncology buildings

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  • | 3:49 p.m. March 21, 2014
  • | 2 Free Articles Remaining!
  • Manatee-Sarasota
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BUYER: Doc-21st Century Sarasota LLC (Physicians Realty LP), Milwaukee
SELLER: Alan Porter
PROPERTY: 3663 Bee Ridge Road, Sarasota
PRICE: $7.93 million
PREVIOUS PRICE: $475,000, September 1975

SELLER: Porter & Dickens Property Partnership LLP
PROPERTY: 910 S. Tamiami Trail, unit A-4 Venice
PRICE: $4.15 million
PREVIOUS PRICE: $1.41 million, November 1987

SELLER: Porter Dickens Golder-Arcadia Property Partnership
PROPERTY: 3080 Harbor Blvd., Port Charlotte
PRICE: $2.93 million
PREVIOUS PRICE: $184,000, May 1995

SELLER: PDGG Englewood Properties
PROPERTY: 720 Doctors Drive, Englewood
PRICE: $2.48 million
PREVIOUS PRICE: $141,600, October 1991
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride, Tampa

PLANS, DESCRIPTION: Milwaukee-based Physicians Realty Trust purchased four medical office buildings from oncologist Dr. Alan Porter for a combined $17.49 million.

The price equated to $395 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.

The buildings, which are located in Englewood, Port Charlotte, Sarasota and Venice, total 44,295 square feet and are 100% occupied.

The buildings are all leased to 21st Century Oncology, which provides radiation therapy and other cancer treatments, through 2026. 21st Century Oncology currently operates 166 cancer treatment centers, including 133 in the United States and 33 centers in Latin America.

According to a press release from Physicians Realty Trust, the buildings will generate a first-year cash yield of 8.3% of the purchase price.

Physicians Realty Trust is a self-managed health care real estate company focused on acquiring or selectively developing, owning and managing health care properties that are leased to physicians, hospitals and other health care companies.


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