Marcus & Millichap Brokers Tampa-Area MOB Sale

Marcus & Millichap represented both the seller and the buyer of the 18,708-square-foot property in Riverview, Fla., which traded for $7.2 million.

6043 Winthrop Commerce Ave., Riverview, Fla.
6043 Winthrop Commerce Ave., Riverview, Fla.

Marcus & Millichap has arranged the sale of Bay Area Physicians Surgery Center, an 18,708-square-foot medical office property in Riverview, Fla. A REIT purchased the asset for $7.2 million.

Krone Weidler and L.J. Tsunis marketed the property on behalf of the seller, a limited liability company. Kimberly Cameron, senior associate in Marcus & Millichap’s Nashville office, secured and represented the buyer. 

Located at 6043 Winthrop Commerce Ave., the building is occupied by Bay Area Physicians Surgery Center and Florida Urology Partners. Florida Urology Partners operates two other facilities in Riverview, Fla., and 15 in total in the Tampa area. The surgery center is equipped with six operating theaters, three Class C operating rooms, three Class B operating rooms and seven recovery beds.

The asset is some 12 miles from Tampa and has easy access to Interstate 75 and Route 301. The facility is within walking distance to retail amenities at Winthrop Town Center and some 10 miles north of St. Joseph’s Hospital–South.

Vacancy rates hit record low

The medical office building market hit a record low national vacancy rate at 7.4 percent in 2016, according to a Colliers report. Investors have taken note, with Everest purchasing a $58 million medical office portfolio in Texas.

“The health care industry has experienced significant growth over the past several years, and the seller captured the opportunity to take advantage of the surgery center’s healthy performance,” said Weidler, first vice president investments in Marcus & Millichap’s Tampa office. “The buyer took advantage of an opportunity to acquire an excellent, well-positioned asset to add to their portfolio.” 

Image courtesy of Marcus & Millichap