The property in Sarasota, FL has 600,000 sf in 15 buildings on a40-acre site. The property includes 40,000 sf of office space, andthe rest is light industrial, says Mark Houge, SVP withNorthMarq.


The Culver, OR property has 160,000 sf in five buildings, on a26-acre site. However, as of the time of publication, one of thebuildings, at 4,000 sf, has been purchased, Houge says.


The Culver property was up for sale before for $10 million, buthe says he's not sure what the new price for either property willbe. "I'm sure the Sarasota property will be offered for more thanthat," he says. Both sites are vacant except for one smallmanufacturing building on the Sarasota site that will continueoperations until the end of June.


Houge tells that the company was able to move itsproduction at these facilities to other locations, and this becameexcess real estate. He says his company will identify the bestalternatives for future use, and will design a market plan toattract potential users, including institutional buyers, developerswho would reposition the facilities for another use, orcorporations that would operate from these locations. "We're alsohiring a local brokerage firm in those locations," he says. "Theseare idle assets, and they'd like to sell them as soon aspossible."

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