The property in Sarasota, FL has 600,000 sf in 15 buildings on a 40-acre site. The property includes 40,000 sf of office space, and the rest is light industrial, says Mark Houge, SVP with NorthMarq.
The Culver, OR property has 160,000 sf in five buildings, on a 26-acre site. However, as of the time of publication, one of the buildings, at 4,000 sf, has been purchased, Houge says.
The Culver property was up for sale before for $10 million, but he says he's not sure what the new price for either property will be. "I'm sure the Sarasota property will be offered for more than that," he says. Both sites are vacant except for one small manufacturing building on the Sarasota site that will continue operations until the end of June.
Houge tells GlobeSt.com that the company was able to move its production at these facilities to other locations, and this became excess real estate. He says his company will identify the best alternatives for future use, and will design a market plan to attract potential users, including institutional buyers, developers who would reposition the facilities for another use, or corporations that would operate from these locations. "We're also hiring a local brokerage firm in those locations," he says. "These are idle assets, and they'd like to sell them as soon as possible."
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