X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRADENTON, FL-Locally based Blackpoint & Bison Development LLC has started site development work on the Business Park at Washington Crossing, a 164,800-sf flex office/warehouse development at the intersection of US 301 and Tallevast Road.

Chevy Chase, MD-based CapitalSource provided a $20.7-million senior loan for the project, which sits on almost 30 acres. CapitalSource investment officer George Kruse tells GlobeSt.com that the financing will pay for the entire cost of the project, from site work through construction. Pricing will range from $150 to $175 per sf, with some as high as $200 per sf for retail-like frontage with better visibility and exposure to the main thoroughfare.

As part of the project, the developer plans to sell four outparcels and construct four office/flex buildings that will be sold as commercial condominium units. The development will be landscaped with lakes and fountains, and serviced by a private through road. The outparcels are suitable for a number of uses, such as office, hotel, restaurants or banks. “The outparcels enhance the value of the flex space,” Kruse says.

The project will be located within a mile of the Sarasota/Bradenton International Airport and several local colleges. The eight-million-sf industrial/flex market in Sarasota/Bradenton is currently experiencing a 4% vacancy rate.

Blackpoint & Bison developed a similar office/flex condominium project called Portal Crossing West approximately 14 miles from the site. Portal Crossing West, which will serve as the prototype for the new development, was 100% pre-sold prior to construction completion. “The success of Portal Crossing West gave us a lot of confidence in this project,” Kruse says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.