Sarasota City Center

SARASOTA, FL—Feldman Equities expects to begin renovations within 45 days on its recent acquisition of Sarasota City Center, which is comprised of two Class A office buildings downtown. CEO Larry Feldman tells GlobeSt.com that the renovations, which will include modernization of common corridors and the main lobby, will be complete by the end of the year or during the first part of 2021. Vacant suites will be upgraded, and some will be pre-fitted with offices and reception areas for tenants seeking an immediate move in. The buildings, connected by a common atrium, are currently 80% occupied.

Feldman says his firm has had its eye on Sarasota for a while. He describes the market as hot.

"We will continue to expand our reach on the west coast of Florida, where we are a significant owner, Feldman says.

Equity Street, a real estate equity syndicator, assisted in financing the acquisition. Feldman says raising the funds online can be efficient, depending on the deal and the attractiveness of the market.

"We raised the money through the Equity Street online platform," Feldman says. "This is our third time doing it online."

Notable tenants of the 247,947-square-foot building include the headquarters of Boar's Head Brand, Merrill Lynch and Wells Fargo.

"We're excited to announce this investment with Larry and his team," said Than Merrill and Paul Esajian, founders of Equity Street Capital. "We only partner with best in class operators who specialize in their market."

JLL marketed the property on behalf of the seller, Durham, North Carolina-based The Dilweg Companies. JLL also worked on behalf of the new owner to obtain a loan with NXT Capital.

"Sarasota City Center is already the best building in downtown Sarasota," Feldman says. "Our goal is to bring the building up in quality to a Class A+ condition."

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