National buyer invests in first property in the Sarasota market
SARASOTA, Fla. (August 31, 2016) – A national investor has purchased the BMO Harris Bank building, a prominent Class-A office building in Sarasota, Fla. Belle Amie Anthem Realty, LLC, purchased the 11-story, 128,389-square-foot property, located at 240 S. Pineapple Avenue, for $23 million.
Michele Fuller from Ian Black Real Estate represented the buyer. Jag Grewal, CCIM, from Ian Black Real Estate represented the seller, 240 S. Pineapple Office-Sarasota, LLC, in partnership with HFF.
“This property saw an incredible amount of interest from buyers in primary markets, which speaks volumes to the level of growth and activity we are seeing in the Sarasota commercial real estate market,” said Grewal, partner at Ian Black Real Estate. “We are no longer the sleepy town that people may know us as. Sarasota is growing and thriving, and investors are taking notice.”
The sellers took over the BMO Harris Bank building in 2008 when the former owner defaulted on its loan. The real estate investment trust then upgraded the property to include a number of high-end amenities, including a restaurant and retail space, state-of-the-art security and tenant conference and locker rooms. They were also instrumental in building the attached Aloft hotel, which features 138 hotel rooms and 139 apartments.
“This property was one of the first Class-A office buildings to emerge in the Sarasota market post-recession and truly raised the bar as to what a high-end property should be,” said Fuller, partner at Ian Black Real Estate. “A number of others have since followed suit, further improving the Sarasota office market.”
The property was 95 percent occupied at the time of sale. Tenants include signature tenant BMO Harris Bank, the Shumaker, Loop & Kendrick law firm, the Kirk Pinkerton law firm and Brown & Brown Insurance.
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.