Medical office real estate continues to trade actively across Tampa Bay as healthcare providers expand their footprints and investors seek buildings already built for clinical use.
Colliers recently closed two medical office transactions totaling $12.85 million, reflecting strong demand for second-generation healthcare space across the region.
The deals include an 18,677-square-foot medical office building in St. Petersburg’s Grand Central District and an 8,192-square-foot medical office property in Tampa’s Westshore Business District.
Colliers Executive Vice President Juan Vega represented the sellers in both transactions.
The larger transaction took place at 2201 Central Ave. in St. Petersburg, where 2201 Central Avenue Property LLC purchased the three-story building for $8.25 million. The property sits on roughly one acre near downtown St. Petersburg and Tropicana Field.
Vega represented MLF Pathways LLC, a group of local neurologists that acquired the property in 2007 for $1.1 million. Archer Group Real Estate LLC and Seacrest Advisory LLC represented the buyer.
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The building features a modern medical interior and specialized infrastructure designed to support advanced healthcare uses, such as imaging equipment. Orlando Health currently occupies a 3,520-square-foot MRI suite on the first floor.
The Houston-based buyer, a global real estate investment manager, acquired the property for medical use.
Colliers said the building requires only minor improvements before an incoming medical group affiliated with Tampa General Hospital moves in.
The second transaction occurred in Tampa’s Westshore Business District, where Brandon H-D Properties LLC and AMR Redux LLC purchased a single-tenant medical office building at 5041 W. Cypress St. for $4.6 million.
The 8,192-square-foot property sits on 0.93 acres and includes 51 parking spaces. Developers designed the building as a high-end specialty medical facility and installed extensive infrastructure for imaging and other clinical services.
Vega represented the seller, Crespo & Associates PA, in the transaction. John DeLaVergne of DeLaVergne & Company represented the buyer.
The new ownership group plans to occupy the property with minimal modifications, allowing the medical practice to begin operating quickly.
Demand grows for second-generation medical space
“These transactions demonstrate the strength of the medical office market across Tampa Bay,” Vega said. “Second-generation medical space with significant existing infrastructure is in high demand, because replacement costs and new construction have become cost-prohibitive.”
Buildings already equipped with imaging infrastructure and clinical build-outs give medical users a significant cost advantage.
Constructing that level of specialized space today often requires millions in additional capital and lengthy construction timelines.
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Healthcare expansion across Florida continues to drive that demand.
“Medical office activity in Tampa Bay remains robust, as new users relocate from out of state and establish a presence in the market,” Vega said. “Most large specialty practices are being acquired by private equity-backed groups, while major healthcare systems expand into new locations to reduce patient drive times to branches and hospital campuses.”
Population growth, expanding hospital systems and new physician groups continue to shape Tampa Bay’s healthcare real estate landscape.
Medical users increasingly seek buildings that allow them to open quickly while avoiding the rising cost of building specialized healthcare space from the ground up.
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