TerraCap Mgmt Corp Acquires Sarasota Office Bldg
By David Davis
March 5, 2014
88,000-SF Investment Trades for $11.5M
TerraCap Management Corp., a Florida-based company, acquired the 10-story office building at 1 S. School Ave. in Sarasota, FL from Y Associates Ltd and the Sarasota Family YMCA for $11.5 million, or about 130 per square foot.
The 88,178-square-foot, 4-Star office building was constructed in 2000 on 2.4 acres in Sarasota County. The asset is almost 80 percent leased to multiple tenants, and includes a four-story covered garage with 240 stalls.
As part of the sale, the buyer assumed an existing $7.82 million loan secured by the property with a 5.5% fixed rate through October 2015.