Two Tampa Bay medical office buildings traded hands this month for a combined $12.85 million, and the new owners are not wasting time. Buyers say they plan to move into the spaces with only minimal renovations, which should let medical practices reopen or expand with little downtime. The quick-turn deals highlight how investor interest in clinical-ready outpatient space in the region is still very much alive.
St. Petersburg sale accounted for most of the total
The larger transaction was a three-story medical office building in downtown St. Petersburg that closed on Jan. 6 for $8.25 million, according to the St. Pete Catalyst. A Colliers listing pegs the property at about 18,677 square feet and notes an Orlando Health MRI suite on the first floor, with a neurology group occupying the upper floors through the end of January. The sellers were a group of local neurologists who had owned the property since 2007, the local report said.
Westshore property sold in smaller deal
Across the bay in Tampa, a single-story medical office at 5041 W. Cypress St. changed hands for roughly $4.6 million, bringing the combined price tag to $12.85 million, according to the Tampa Bay Business Journal. The buyers of both properties told the publication they intend to occupy the spaces with only minor updates. A LoopNet listing shows the Westshore building at about 8,192 square feet, with a 51-space parking lot and convenient access to I-275 and Tampa International Airport.
Clinical-ready stock is still prized
Brokers and local coverage say buyers are homing in on medical buildings that need few tenant improvements so clinics can get back to seeing patients quickly, a trend noted in regional coverage from Tampa Bay Business & Wealth. That preference, coupled with steady outpatient demand in Tampa Bay, has kept smaller, well-located medical offices active even as other corners of the office market face headwinds.
The St. Petersburg listing was marketed by Colliers' Juan Vega, and public listings show the Tampa asset was moved off market after the sale. For additional details on the transactions and buyer names, see the Tampa Bay Business Journal.
