TAMPA-Marcus & Millichap Real Estate Investment Services just listed a six-building, 298,838-square foot office and industrial flex portfolio located in Sarasota and Bradenton. One of the properties is the Bank of America office building at 1201 Sixth Ave. West.
Brandon Todd Kievit and Ray Turchi, office and industrial investment specialists in M&M’s Orlando office, are representing the seller, an unnamed Sarasota-based private investor. The buildings may be purchased together as a portfolio for $18 million or separately.
“With this portfolio you can buy 300,000 square feet of real estate in one area under replacement costs,” Kievit tells GlobeSt.com. “A new owner could develop an aggressive leasing strategy to add significant value over the next five to seven years.”
The Bank of America Building is a 51,976-square foot, five-story office building that recently underwent exterior and interior renovations. The building features professional office suites, a bank drive-through and on-site parking.
“We believe the economies of scale, quality and superior location of the portfolio make this an outstanding opportunity for a buyer to acquire six value-add assets on the west coast of Florida,” says Turchi. The brokers expect a mix of private individuals and private REITS to bid on the properties.
The Wellcraft Industrial Building located at 1851 67th Ave. East, a 110,550-square foot metal property that houses several manufacturing companies, and Central Plaza at 816 Manatee Ave, are also included in the listing. East offers a 38,298-square foot, concrete-block office and showroom building leased to several international, publicly traded tenants.
The remaining assets include Central Park of Commerce, a mixed-use office and warehouse building located at 6620 19th St. East in Sarasota, the Buchanan Office Building located at 2424 Manatee Ave. in Bradenton, and an automotive building with frontage at 704 Manatee Ave. East, also in Bradenton.
“There aren’t a lot of multi-tenant office and industrial properties on the market for sale of this quality in these price points,” Kievit says. “There aren’t a lot of portfolio deals on the market either.”
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