Downtown Office Tower Hits the Market in Southwest Florida
SARASOTA, Fla., Feb. 6, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces it has been appointed as exclusive advisor for the sale of Kane Plaza, a 10-story, 77,089-square-foot office building in Sarasota Florida. The price is open bid.
“Kane Plaza’s competitive leasing advantages include a four-level, 243-space parking garage, prominent visibility, water views, and floor plans that allow even relatively small tenants the ability to occupy full floors,” says Douglas K. Mandel, senior managing director. “These rare and appealing attributes help drive the property’s ability to realize some of the highest rental rates in Sarasota’s central business district.”
Mandel and Nicholas Hansen, senior associate, are representing the seller, TerraCap. Built in 2000, Kane Plaza is the tallest office building on the east end of downtown Sarasota. Located at 1 South School Avenue, the property has direct frontage and signage on Fruitville Road, the city’s primary east/west thoroughfare, and can be accessed from U.S. Highway 301, Interstate 75 and Sarasota’s Central Business District in less than five minutes.
“Plans for commercial and high-end residential developments nearby call for 615 apartment units, 37 townhouses and over 10,000 square feet of commercial space that will fuel future rent growth as demand for office space increases,” notes Mandel. “One development located immediately adjacent to Kane Plaza, The Artisan on Main, will consist of 37 luxury townhouses with a starting price of $500,000.”