ERE Healthcare Real Estate Advisors (“ERE”) is pleased to announce the successful sale of an ophthalmology facility and ambulatory surgical center located in St. Petersburg, Florida.
The Eye Institute of West Florida (“EIWFL”) is a partnership of market-leading ophthalmic providers headquartered in Largo, operating across six locations in West Florida. In 2021, EIWFL joined EyeCare Partners (“ECP”), expanding the platform’s footprint in the state, adding additional ambulatory surgical centers, and securing capital to support future growth.
Following the practice transaction, a subset of the physicians continued to own the St. Petersburg facility, resulting in a standalone real estate asset. In addition, EyeCare Partners’ investment in constructing a state-of-the-art ambulatory surgical center on the second floor of the property materially changed the profile of the asset, raising considerations around timing, valuation, and overall capital strategy. With roll-over equity, professional income, and rental income tied to the same platform, the ownership group faced increased concentration risk and limited liquidity.
ERE was exclusively engaged to guide the physician ownership group through the timing and execution of a strategic real estate sale following completion of the new ASC. ERE conducted a targeted and discreet Call for Offers process, generating multiple competitive bids and ultimately identifying a buyer that delivered a premium outcome and certainty of closing.
The transaction provided the physician owners with liquidity from the asset, reduced overall liabilities, and supported their goal of diversifying away from concentration in the operating platform.
The transaction was lead by Collin Hart and Andy Matti.
