Pinnacle clinic buildings sell for over $16M

mjohnson@bradenton.comJuly 9, 2014 

Pinnacle Medical Group's Cortez Road clinic in Bradenton was one of two buildings leased by the company sold in two transactions in late June for $16.3 million. MATT M. JOHNSON / Bradenton Herald

Ohio-based health care giant purchases two medical buildings in Bradenton

BRADENTON

One of the world's largest investors in medical real estate has boosted its already big investment in the Bradenton-Sarasota area by purchasing a two high-profile medical clinic buildings in Bradenton for more than $16 million.

On June 30, Toledo, Ohio-based Health Care REIT Inc. purchased two clinic buildings operated by Pinnacle Medical Group. According the Manatee County property records, the company acquires a 19,500-square-foot building at 7005 Cortez Road W. and a 34,500-square-foot building at 315 75th St. W. The total price paid was $16.3 million.

The seller, The Sanders Trust of Birmingham, Ala., nearly doubled its investment on the Cortez Road property. Sanders bought the clinic for $5.87 million in 2011, but sold it for $10.98 million. However, the company made just a $7,000 gain on the 75th Avenue West building, selling it for $5.33 million.

The Cortez building sits on 2.8 acres. It was built in 2006. The 75th Street West building, constructed in 1975, comes with little more than 3 acres.

Sanders owns one other Pinnacle building, a 6,000-square-foot clinic at 4110 Manatee Ave. W.

Zach Ottenstein, marketing director for Health Care REIT, said he could not confirm the purchases because his company has not publicly announced them.

The transactions are the second and third multimillion-dollar sales of medical practice buildings in Bradenton in little more than a month. On May 30, a Sarasota investor purchased the 24,000-square-foot Bradenton Cardiology building at 316 Manatee Ave. W. for $5.34 million.

HealthCare REIT, a $30 billion company listed on the S&P 500, owns a number of other local properties, including the Windsor of Bradenton assisted living facility, Clare Bridge of Bradenton senior living facility and the Complex Care Hospital at Ridgelake in Sarasota, according to its website. In all, the company owns more than 1,200 properties in 46 U.S. states and several foreign nations.

The Sanders Trust has a smaller portfolio, but still owns more than 60 properties worth about $700 million, according to its website. Sanders executives did not respond to requests to comment on the sale of the Pinnacle buildings.

The two-story Cortez Road building houses a Pinnacle neurology department and a family practice clinic. Blake Medical Center, a Pinnacle affiliate, operates a sleep clinic in the building as well. The 75th Street West building is home to Pinnacle's urgent care clinic.

Pinnacle officials were not aware of the sale of the buildings, but said they expect no changes in the operations of the clinics. Pinnacle leases space in both buildings.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.

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