A private partnership in Sarasota has purchased a 46,000sf Class-A office building on Carissa Commerce Court in Fort Myers for $9.4 million. The property was 97% leased at the time of sale.
Nick DeVito II, SIOR, and Brie Tulp, RPA, of Ian Black Real Estate represented the buyers, CheapChard and Bling Bling. Randal Mercer of CRE Consultants represented the seller, Crystal Six Mile Partners.
“Our clients were looking to invest in commercial real estate in the Sarasota market,” says DeVito, partner at Ian Black Real Estate. “After looking in Sarasota, we opened our search to other areas of the state to take advantage of the higher yields. Currently, an abundance of wealth is moving into the Sarasota and Bradenton markets, and driving down CAP rates to the lowest point in decades.”
The property is located between Fort Myers and Naples with convenient access to I-75 and Southwest Florida International Airport. It is certified by the Green Gloves Building Initiative and includes high-end finishes, a grand lobby entrance and classic architecture. Tenants include Becker, Priority Marketing, Wells Fargo Advisors, CRE Consultants, Frank R. Jenkins Custom Homes and Case Pearlman.
“The property is well-built, with extraordinary attention to detail,” said Tulp, sales associate at Ian Black Real Estate, a Sarasota-based boutique commercial real estate brokerage. “There are not many Class-A buildings on the market, and when you find one that you can purchase for below replacement cost with a steady income stream, it’s certainly an opportunity any investor would jump on.”
Visit Ian-Black.com for more information.
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