Bedrock Investments Group (BIG) acquired two freestanding, 5,934 sf medical buildings built in 2004 on 1.4 acres (61,134 sq ft, 9.7% coverage). The Gatlin Medical Center is a beautiful well-located two building facility that is located approximately one mile from the new Martin Health Systems Hospital, a 300+ bed facility. The buildings are occupied by an Optometrist and an ENT Medical group. Leases have annual increases and rental revenues are net of taxes, insurance and common area maintenance. Both leases had over four years of term remaining at time of acquisition. The property has over 400+ lineal feet of frontage on Gatlin Blvd, a major retail corridor in Port St. Lucie, with traffic counts over 32,000 vehicles per day. Major retailers within one half mile include Sam’s Club, WalMart, B of A, McDonalds and Taco Bell among others. Investment strategy is a long-term hold or to perform a lot split to enable each building to be sold separately if desired. The octogenarian owner sold due to poor health and estate planning. The property was sold to the ENT Group which needed expansion space for their growing practice.
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