Two-buildings sold at a 6.5% cap rate, underscoring investor demand for medical office assets on Florida’s Gulf Coast
SVN Commercial Advisory Group brokered the $8,350,000 sale of MaxHealth Cortez, a two-building, 23,158-square-foot medical office complex at 4351 and 4401 Cortez Rd W in Bradenton. The transaction closed at a 6.5% capitalization rate.
Senior Advisors Matt Fenske and Tony Veldkamp, CCIM, represented the seller, Zinnia Center VI, LLC. The buyer was Cortez Road Bradenton LLC, an entity associated with Daniel Corporation, a commercial real estate development and investment firm based in Maitland, Florida.
- In the News: Read about this deal in Business Observer.
The property sits on a 4.2-acre parcel along Cortez Road, one of West Bradenton’s busiest retail and medical corridors, and was 100% leased at the time of the sale. Tenants include MaxHealth, Dermatology Associates, Cancer Center of Sarasota-Manatee, and Coastal Cardiovascular Consultants.
The property sits adjacent to the Publix-anchored Bradenton Commons shopping center. Its central location provides convenient access for the dense residential population in West Bradenton and offers close proximity to HCA Florida Blake Hospital.
MaxHealth, the property’s anchor tenant, was recently acquired by CenterWell Senior Primary Care, the healthcare services division of Humana Inc. (NYSE: HUM) and the nation’s largest senior-focused, value-based primary care provider. The acquisition expands CenterWell’s Florida network and strengthens the credit profile supporting the lease.
Over the past five-plus years, the North Port-Sarasota-Bradenton metropolitan area has experienced substantial growth and development, with tens of thousands of new residential units completed or currently under construction. This growth continues to drive demand for high-quality medical services and facilities.
The area’s large senior population is also contributing to increased demand for healthcare services and infrastructure. Census data shows that approximately 44% of the region’s residents are over the age of 60, creating an expanding need for accessible outpatient and senior-focused care.
“The combination of MaxHealth’s established presence in the community and its recent acquisition by CenterWell helped create a compelling investment opportunity,” said Fenske. “This sale reflects just how strong the market is for stabilized medical office properties on Florida’s Gulf Coast , particularly for assets backed by institutional healthcare credit.”
“This kind of pricing on a fully leased medical asset speaks to the strength of our office submarket,” added Veldkamp. “Investors recognize the long-term stability that comes with healthcare tenancy in a market with this kind of population growth and expanding regional and national health profile.”
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