IPA Brokers $16.35 Million Gulf Coast Office Tower Sale for TerraCap
IPA Brokers $16.35 Million Gulf Coast Office Tower Sale for TerraCap SARASOTA, Fla., May 3, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Kane Plaza, a 10-story, 77,089-square-foot Class A office building located in Sarasota, Florida. The sales price is $16.35 million, or approximately $211 per square foot.
Located at 1 South School Avenue, Kane Plaza is the tallest office building on the east end of downtown Sarasota. The property features a structured parking garage, a renovated lobby and many other improvements. Built in 2000, Kane Plaza has direct frontage and signage on Fruitville Road and offers convenient access to S. Highway 301, Interstate 75 and Sarasota’s Central Business District.
TerraCap Management LLC purchased the building from Kane Plaza’s original developers in 2014. “We were very pleased with the asset and its performance during our ownership,” stated Steve Good, director of acquisitions for Florida-based TerraCap. “The results are a favorable outcome for our investors and that is always our goal.
We executed our strategy for this iconic downtown property by repositioning with high-quality tenants and increasing occupancy; a nice blend for investment success,” added Mike Davis, TerraCap’s managing director. We are still very bullish on Sarasota as evidenced by our ongoing investment in Sarasota Gateway office park.
Douglas K. Mandel, senior managing director, IPA, and Nicholas Hanson, senior associate, Marcus & Millichap, represented TerraCap and procured the buyer, JLK Global Fund U.S. 2 Inc. “Sarasota’s office market is in expansion mode,” noted Mandel. “Employment growth is strong, vacancy is decreasing, and rents are on the rise.