Mid-Pinellas Medical Center Sells for $10.4M in St. Petersburg

The Mid-Pinellas Medical Center at 2805 54th Avenue North in St. Petersburg sold for $10.4 million on September 24, 2026. The 23,902-square-foot medical outpatient facility traded at roughly $435 per square foot and a 6.4 percent cap rate, the highest price for a medical office in the South Pinellas submarket in eight years.

The buyer is Sphere Investments, a Miami-based private investment group led by founder and CEO Didier Choukroun, with Eli Karlin, MD, MBA, as managing partner and chief investment officer. It acquired the property through Scope 1 OA LLC in a 1031 exchange. The LLC registered in Florida on August 25, 2026, is managed by Didier Choukroun with a principal address at 2 S. Biscayne Blvd. in Miami.

The seller, Rubin Real Estate Advisors led by Judah Rubin, acquired the property in 2019 for approximately $3.3 million. The building was originally a Harley-Davidson dealership and showroom before its conversion to medical outpatient use. Jake Allen of Matthews brokered the off-market deal.

The property was fully occupied at closing by Orthopedic Medical Group of Tampa Bay, ChenMed, and Tampa Bay Breathe Free. Orthopedic Medical Group signed a new 10-year lease extension during the transaction.