Ian Black Real Estate retained as the exclusive listing agent for the 203,809-square-foot property
SARASOTA, Fla. (Sept. 19, 2016) – A Sarasota-based group of investors has purchased the Independence Business Center, a 203,809-square-foot office park located at 1500 Independence Blvd. in Sarasota, for $4 million. The property, which sits on 19 acres between U.S. 301 and U.S. 41, is a flex industrial center with office and warehouse space.
Nick DeVito of Ian Black Real Estate represented the buyer, Independence Business Center, LLC. Steve Horn, CCIM, also of Ian Black Real Estate and Julia Silvia Retting of Cushman and Wakefield represented the seller, Osprey S.A., LTD. Ian Black Real Estate has been retained as the exclusive listing agent and property manager for the business center, which currently has 125,000 square feet of available office and warehouse space.
“This property has a solid group of tenants in place, making it a stable asset for the buyer, who already owns several industrial properties in the area,” said Horn, partner at Ian Black Real Estate. “In addition, the buyer is confident in our ability to lease the remaining space, which they see as a great next step for tenants in their existing properties that are looking to expand. It will also give them the space to welcome new tenants.”
Current tenants of the Independence Business Center include Goodman Distribution, Inc., The Safe Children Coalition and Pathways by Molina.
“With vacancy in the Sarasota industrial market continuing to shrink, prices are going up for buyers and tenants,” said DeVito, partner at Ian Black Real Estate. “The buyer was able to purchase this property for well below what it would cost to build the property today, making this a strong investment for their industrial portfolio.”
Built in 1990 and renovated in 2003, Independence Business Center is one of the largest manufacturing and distribution facilities in Sarasota and Manatee counties. The three-building property features 22-foot ceilings and grade level and dock-high doors. For information on leasing, contact Nick DeVito at (941) 928-1243.
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.