Trophy Office Asset in Downtown Sarasota Exclusively Listed by IPA
SARASOTA, Fla., July 15, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has been selected to exclusively market for sale the BB&T Financial Center, a 546,000-square-foot office property with two nine-story towers and covered parking located on an entire city block in Downtown Sarasota, Florida. The price is open bid.
“The property has not been sold since it was developed in 1986,” said Douglas K. Mandel, IPA executive managing director. “It’s unique in that it was designed as a boutique-style building despite having over 235,000 square feet of net-rentable office space. The 85 office suites have their own restrooms, kitchenettes and independent HVAC systems and are not dependent on common areas, a feature that has long appealed to the professional tenant sector. In the current environment, this is especially attractive to all tenants.” Mandel and Jaclyn Blair, senior associate in Marcus & Millichap’s Tampa office, are representing the seller.
The Postmodern-style brick-clad building is one block north of Main Street in Sarasota’s central business district. Fruitville Road, one of the city’s main thoroughfares, provides easy access to Interstate 75 and Washington Boulevard/U.S. 301, offering immediate access to all Downtown Sarasota and the surrounding area are a block away. The Main Plaza office and retail complex is across the street.
“Main Plaza recently underwent a multi-million-dollar luxury renovation,” noted Blair. “Five acres of the complex were purchased by a real estate investment trust at the end of 2019 and there are plans in the works to redevelop over 200,000 square feet of existing shop space into a tower with 50,000 square feet of first-floor commercial space and over 400 residential condominiums.”
The BB&T Financial Center consists of two towers with open-air atriums joined by an elevator core. Offices surround the landscaped courtyards and every space has views of trees, fountains and flowers. The parking garage, on the second through sixth floors has 500 spaces for tenants and visitors. The population within a three-mile radius is 77,607 and the average annual household income is $71,486.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.