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Montecito Medical Acquires Medical Office In Lithia For $20M

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SOLD
$20,000,000

Florida

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37,000 SF
Sold 08/08/2022
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Property Image
SOLD

Montecito Medical Acquires Medical Office In Lithia For $20M

13837 Circa Crossing Drive, Lithia, Florida 33547, United States

See Similar Deals
37,000 SF
Sold 08/08/2022
the dealplayerscompscontact
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Summary

FLORIDA
Price Per Square Foot:$540
Total Square Footage:37,000 SF
Transaction Type:Sale

A medical office property located at 13837 Circa Crossing Drive in Lithia has been sold for a price of $20,000,000. The property spans 3.5 acres and offers a total square footage of 37,000. The sale was completed on 08/08/2022, with Chip Conk from Montecito Medical representing the buyer and Rubin Real Estate Advisors serving as the seller. Synovus Bank provided the financing for the transaction. The price per square foot for this transaction was $541.

Summary of transaction details:

  • Property Type: Medical Office
  • Transaction Amount: $20,000,000
  • Location: 13837 Circa Crossing Drive, Lithia
  • Market: Lithia
  • Acreage: 3.5 acres
  • Square Footage: 37,000
  • Buyer: Montecito Medical - Chip Conk
  • Seller: Rubin Real Estate Advisors
  • Lender: Synovus Bank
  • Price per Square Foot: $541

Chip Conk from Montecito Medical represented the buyer in this transaction, while Rubin Real Estate Advisors acted as the seller. Synovus Bank provided the necessary financing.

Players

Chip Conk
Chip Conk
7 deals$220M volume
BUYER
Synovus Bank
Synovus Bank
LENDER

Details

SOLD
IMAGE: Chip Conk DATE: 08/08/2022 ADDRESS: 13837 Circa Crossing Drive MARKET: Lithia ASSET TYPE: Medical Office ~ ACRES: 3.5 BUYER: Montecito Medical (@MontecitoMedical) - Chip Conk SELLER: Rubin Real Estate Advisors (@Rubin_Real_Estate) LENDER: Synovus Bank SALE PRICE: $20,000,000 SF: 37,000 ~ PPSF: $541

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$71,055.77
Cash-on-Cash Return-1.27%
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