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Doctors Nanavati, Moorthy buy Sandalwood Square


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  • | 10:00 a.m. September 5, 2014
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BUYER: 4760 Tamiami Trail LLC
(principals: Shardul Nanavati and Prathima Moorthy), Naples
SELLER: Swansong 4760 LLC
PROPERTY: 4760 Tamiami Trail N., Naples
PRICE: $2.74 million
PREVIOUS PRICE: $868,000, November 2007
LAW FIRM ON DEED: F. Andrews Taintor PA, Naples

PLANS, DESCRIPTION:
Dr. Shardul Nanavati and Dr. Prathima Moorthy, the doctors behind the Advanced Gastroenterology of Naples PA and Pain Management Center of Naples PA, purchased the 19,668-square-foot Sandalwood Square office building for $2.74 million.

The price equated to $139 per square foot. That figure is slightly higher than the two-year average price per square foot for office space ($131) in the Southwest Florida, according to the CoStar Group.

Constructed in 1982, the two-story building occupies a 1.15-acre parcel. It currently has three second-story units, a total of 5,063 square feet, that are vacant. The remaining space, 14,605 square feet, is currently leased through either 2015 and 2016.

The doctors had not responded to a request for comment as of deadline.

As the name suggests, Nanavati's Advanced Gastroenterology of Naples medical practice focuses on treating digestive diseases. Moorthy operates the medical practice Pain Management Center of Naples and is married to Nanavati. The two practices share space at 3439 Pine Ridge Road, Naples and 9410 Fountain Medical Court, 201, Bonita Springs.

The purchase entity, 4760 Tamiami Trail LLC, mortgaged the property to PNC Bank National Association for two loans totaling $2.8 million.

 

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