New owners to showcase Cape medical building
A grand opening is being held for physicians and brokers tonight for a Class A medical building that is now under new ownership and seeking tenants to fill the space.
Charles Jans, senior vice president of Grubb & Ellis/1st Commercial said like many others who have experienced difficulty in the economic downturn, previous owners of the building on Del Prado Boulevard near the hospital could not service the debt any longer, along with not being able to achieve the funds to complete the interior build out.
The original developer was a development company based out of Michigan, he said.
Matthew Middelthon, one of the partners of the building at 316 Del Prado, said it was a private, friendly transaction for all parties.
“We are excited about it,” he said. “I am here, I can’t help what happened prior to me. I can control that you have the opportunity to lease the space.”
Jans said the owners engaged Grubb and Ellis to re-brand and re-present the building to the community, so they can try and erase any connotation of the building being in distress.
The building, which was constructed in 2007, is on 2.7 acres of property with 46,000 square feet of class A medical/office space. The building is just north of Cape Coral Hospital and Caloosa Middle School.
Jans said some cosmetic improvements were made, along with some deferred maintenance. Every component of the building was brought back up to new condition with landscaping, irrigation, lighting and new paint.
Jans said he believes it is a good time to open the building to new tenants because the medical industry is an expanding business right now. He said they are going to see medical prospects looking for new facilities in a turn-key fashion, so they can step right into the space.
Since the building is close to the hospital, Jans believes it will attract medical tenants because it is important for physicians to be close to the care center.
“The building is right where they need to be,” he said. “It is built to their requirements in a Class A space. I think there is a need for this now.”
To change the thought process of the building they first changed the name from Andrews Professional Center to 316 Del Prado.
“There is no value to call it a name that didn’t do anything from the time the building was complete,” Jans said. “We decided to call the building 316 Del Prado. The thought was that a significant tenant that took a sizable space could potentially signature the building.”
The tenant would have to take at least a third of the building, or 15,000 square feet to signature the building.
There is currently one tenant renting space in the building who has been there since the original developer.
Dave Cambio, co-owner of Cambio Dermatology said they took over the practice last July 1, after it had been in the building for four years.
“It’s great,” he said about the beautiful building. “The person that owns it now is very aggressive, very accommodating and very responsive.”
Cambio said the transition to the new ownership has been fantastic with absolutely no issues.
“We are happier with the new owners,” he said. “The new owners are now putting new people into the building.”
Due to the practice outgrowing its space, Cambio said they hope to add an additional 2,400 square feet to their existing 2,600 square foot practice.
“We hope to get that going in the next couple of months,” he said. “It’s an awesome building. I think it will be a great medical building.”
As a commercial real estate broker, Jans said he has worked very closely with an architecture design firm to provide package deals for tenants. The “turn key” package deal will most likely be no out of pocket cost or very little out of pocket cost to the tenant.
Jans said the architect will provide the potential tenant an 8-1/2 by 11 sketch of the space. After the tenant approves the space, they will be presented with a rent proposal based on the sketch they received.
Once that is approved the proposal will then go into a draft lease document that will be negotiated.
Suites range from 1,000 square feet to an entire floor that is approximately 11,600 square feet.
The base lease rates start at $16 per square foot, which includes a tenant build-out allowance.
After the lease is signed, Jans said the contractor will do the design and build work, which will all be coordinated through Grubb and Ellis. He said they should be able to deliver any space that is 5,000 square feet or less to the tenant in 90 to 120 days. More space will take a little more time to complete and have ready.
Jans said they received a verbal commitment from Cape Coral’s Economic Development Office Business Recruitment Specialist Audie Lewis the the city would expedite the permit process. He said the medical impact fees have been set aside for 15 months.
“It helps keep costs down and it advances our project,” Jans said.
For those who are interested in leasing opportunities call Jans at 239-210-7605.