North Osprey LLC, d/b/a Milum Inc., a private delivery business serving the United States Postal Service and Amazon and specializing in last-mile distribution, has purchased a 6,510-square-foot flex property on 3.51 acres at 3950-3951 North Osprey Avenue in Sarasota for $945,000.
Nick DeVito, SIOR, and Joanna Ginder of Ian Black Real Estate represented the seller, Robert J. & Eileen Strauss Trustee, as well as the buyers, Luis and Mileidy Martinez with Milum Inc.
“The property will not only accommodate the office and staff of drivers, but the bays will allow the buyers the opportunity to repair the trucks,” said DeVito, partner at Ian Black Real Estate. “The additional land was critical for this purchase, as the buyers needed additional space to grow their fleet of vehicles.”
The property was previously occupied by a towing company and other tenants, all of which vacated earlier this year. It features 1,350 square feet of office space, 5,160 square feet of warehouse space, and fencing around the 3.51 acres.
The sale of this property highlights a challenge in the Sarasota/Manatee commercial real estate market – a lack of available properties suited to last-mile distributors and other delivery businesses.
“As online retail business continues to grow, more and more companies are looking for properties with more storage space for containers and the ability to park more trucks and trailers,” said DeVito. “The problem is our industrial vacancy in this market is very low, less than 3 percent, and the majority of the buildings built in recent decades were meant to maximize building area and not the ability to park vehicles.”
According to DeVito, this will continue to be a problem until new buildings increase their parking ratio or leave some of the land undeveloped for yard storage.
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.
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com.