Eli Karlin, MD, MBA Of Sphere Investments Acquires Multi-Tenant Medical Office In St. Petersburg For $10.4M

This transaction involves a multi-tenant medical office located at 2805 54th Avenue North in St. Petersburg. The asset was sold for $10,400,000, encompassing a total square footage of 23,902, resulting in a price per square foot of $435.

Summary of transaction details:

• Property Type: Multi-Tenant Medical Office
• Transaction Amount: $10,400,000
• Buyer: Eli Karlin, MD, MBA - Sphere Investments
• Seller: Judah Rubin
• Broker: Jake Allen - Matthews
• Square Footage: 23,902
• Price per Square Foot: $435

Jake Allen represented the seller in this transaction, facilitating lease extensions that were crucial while the property remained under contract. Additionally, he assisted the buyer in completing the acquisition as part of a 1031 exchange. The asset was repositioned from a Harley-Davidson dealership into a medical outpatient facility, anchored by the Orthopaedic Medical Group of Tampa Bay, which has extended its lease for 10 years.