BRADENTON -- A Bradenton surgical clinic affiliated with more than 50 surgeons and specialists has sold the building it has occupied for 16 years.
Manatee Surgical Center, which is owned by a corporation headed by several physicians, sold on June 11 to Caddis Health Care Real Estate, a Houston company that invests, develops and manages medical real estate. The selling price for the property was $5.46 million, according to Manatee County Property records.
Jason Signor, chief executive of Caddis, said the deal is a sale leaseback. The surgical center will continue to operate in the building.
The center at 601 Manatee Ave. W. is the second major medical facility in downtown Bradenton to sell in just more than a year. In May 2014, a Sarasota investor paid $5.34 million for the Bradenton Cardiology Center located across the street from the surgical clinic.
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Owned by 17 physicians, according to its website, Manatee Surgical Center opened in 1999. Services provided at the center include general surgery, gastroenterology, cosmetic surgery, neurosurgery and pediatric dentistry.
The 13,000-square-foot building houses four operating rooms, a pre-op unit, a post-anesthesia recovery unit, a pediatric recovery suite and additional surgical recovery space.
The acquisition is Caddis' first in Florida. Signor said his company holds property worth $400 million to $500 million across seven states. Caddis is looking to acquire senior housing real estate in Florida and plans to develop a new surgery center in Tampa.
The Bradenton transaction was a solid first step for the company as it expands into the state.
"We wanted to grow in the Florida footprint," Signor said.
Dr. Michael Gurucharri, president of seller MSC Physicians Inc., did not immediately respond to a request to comment on the sale of the surgical center. A call to the center's manager was also not immediately returned.
The transaction is the latest in a spate of multimillion-dollar medical office space transactions that have taken place throughout Manatee County. Many of those transactions have involved sellers that continue to rent space they once owned under sale-leaseback deals.
Local medical real estate specialists have stated that medical office space is popular among investors for the rate of return on investment.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter @MattAtBradenton.