SARASOTA, Fla., Feb. 1, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of BB&T Financial Center, a 546,000-square-foot, Postmodern-style office property in Downtown Sarasota, Florida. The asset sold for $35 million.
“On the market for the first time since it was developed in 1986, the property has a unique blend of substantial size and boutique style,” said Douglas K. Mandel, IPA executive managing director. “The diverse mix of suite sizes and tenants provides new ownership with stable cash flow and future upside through lease-up.” Mandel and Jaclyn Blair, senior associate in Marcus & Millichap’s Tampa office, represented the seller, and procured the buyer, Tricera Capital.
Located on an entire city block across the street from Sarasota’s Main Plaza office and retail complex, the brick-clad building is one block from Fruitville Road, one of Sarasota’s main East-West thoroughfares. Interstate 75 and Washington Boulevard/U.S. 301, which provide immediate access to Downtown Sarasota and the surrounding area are also a block away.
Composed of two nine-story towers and twin open-air atriums joined by an elevator core, the BB&T Financial Center has more than 235,000 square feet of net-rentable office space. The property’s 85 office suites have their own restrooms, kitchenettes and independent HVAC systems. The offices surround landscaped courtyards that give every space views of trees, fountains and flowers. There is a 500-space parking garage on the second through sixth floors.
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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