"The seller wanted to take advantage of the strong market conditions," Gelsheimer tells GlobeSt.com. "They thought they could get core pricing for this property and, at $192 per sf, they did."
The multi-tenant property, located within a corporate park, is situated on a 6.43-acre parcel directly off Fruitville Road within a half mile to Interstate 75, which connects to Interstates 275 and 4. It is also close to the Sarasota Central Business District. At the time of the sale, the property was 73% occupied with tenants including Computer Sciences Corp., which occupies 32,474 sf, and Blue Shield of Florida, which occupies 8,598 sf. "The buyer owns a lot of property in the area and is building mass," Gelsheimer says. "They believe in the Interstate 75 corridor."
Gelsheimer adds that the buyer's plans for the property include leasing up the vacant space.
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