TerraCap Mgmt Corp Acquires Sarasota Office Bldg

TerraCap Mgmt Corp Acquires Sarasota Office Bldg

By David Davis
March 5, 2014

Pic via CoStar, presented by Sean Dreznin

Pic via CoStar, presented by Sean Dreznin

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.

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Filed under Commericial Real Estate Articles & News, Investment Real Estate

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