ORLANDO—The Imagine Schools at Palmer Ranch building has traded hands. The class A, 52,000-square-foot two-story educational facility in Sarasota, FL sold for $10.2 million.
Cushman & Wakefield senior director Rick Brugge, executive director Mike Davis and senior director Michael Lerner represented owner Meridian Development Group in the deal. Charter School Capital acquired the asset for $196.15 per square foot.
“The single tenant net lease market continues to exhibit strong investor demand for all product types,” Brugge tells GlobeSt.com. “Charter schools are unique investments that can deliver above average returns for investors educated in the industry.”
Imagine Schools at Palmer Ranch is located in Meridian Business Center at 6220 McIntosh Road just south of Clark Road in the Palmer Ranch area of Sarasota. The Imagine Schools building was built in 2009 using tilt-wall construction and glass window lines. Originally constructed as a build-to-suit for Imagine Schools, the building houses 45 classrooms, six offices and various other facilities including a media room, conference room, teacher's lounge, multi-purpose room, and playground.
Imagine Schools at Palmer Ranch is a publicly-funded K–8 charter school that opened in 2009. Enrollment has increased to over 600 students since then. The Sarasota County School Board recently approved a 15-year renewal of the school's charter.
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