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Sarasota-Manatee
Business Observer Monday, Apr. 18, 2011 11 years ago

$12.5 million building sold

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Lakewood Ranch medical office building sold to Grubb & Ellis Healthcare REIT.

LAKEWOOD RANCH —A collection some of Bradenton's most prominent power players sold Lakewood Ranch Medical Office Building I to Grubb & Ellis Healthcare REIT II for $12.5 million. The deal closed Friday.

Florida Senate President John McKay, Gary Huggins and general contractor Ron Allen are the sellers and developers of the 7-year-old building. Allen's firm, NDC Construction, built the building and the nearby Lakewood Ranch Medical Office Building II. Both buildings are adjacent to the Lakewood Ranch hospital.

The 57,563-square-foot building was 97% occupied at the time of the sale.

Steve Horn of Ian Black Real Estate represented the seller and Greg Endsley of Madison Street Partners represented the buyer.

“It's important because a national institutional REIT came to Lakewood Ranch and was so impressed with the area and what was taking place that they were comfortable enough to buy the building,” Horn says.

The purchase was a long-term investment, he says.

The medical office building's former owners are currently selling suites in Lakewood Ranch Medical Office Building II. Horn says that they will be revising pricing soon there with the goal of selling the remaining 16,000 square feet.

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