An out-of-state investor has purchased Oak Park Business Center in Sarasota for $3.52 million. The multi-tenant, seven-building flex/office property is located at 1748 Independence Boulevard.
Ian Black, CCIM, Steve Horn, CCIM, and Melissa Harris of Ian Black Real Estate represented the seller, Oak Park Partners, LTD, in the transaction. Derek J Hotchkiss of Woodbridge Realty Advisors, LLC, represented the buyer, 1748 Independence Boulevard, LLC, out of Connecticut.
“This is a well-located business park with a strong rental history,” said Black, founder and partner of Ian Black Real Estate. “The sellers have owned it since 1989, and it’s always been a good income-producing piece of real estate.”
Oak Park Business Center has a campus-like setting on 5.07 acres, with seven buildings totaling 54,395 square feet and 36 individual units. It’s located 2 miles north of downtown Sarasota and convenient to both Sarasota and Manatee Counties.
The property was at nearly 95% occupancy at the time of the sale.
“With the buyer from Connecticut and a lot of interest coming from outside the state, this sale demonstrates that the appetite for good income-producing properties in our area from out-of-town investors is quite healthy,” said Black.
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.