SARASOTA, Fla. (Apr. 6, 2020) – Kingdom Development, formerly JDL Development, has purchased Lakewood Heart Office Building, a 21,553-square-foot Class-A office building in Sarasota, for $3.4 million. The property, located at 6771 Professional Parkway, was 94% occupied at the time of sale.
Jag Grewal, CCIM, of Ian Black Real Estate, represented the buyer, Kingdom Development LWR. Thomas Bible of VIP Executive Realty represented the seller.
“As Lakewood Ranch continues to grow, the demand for office property in the area remains high,” said Grewal, partner at Ian Black Real Estate. “This property is located in the heart of Lakewood Ranch and within close proximity to retail, restaurants and other staples in the community. It will provide a solid return on investment for the buyer, who purchased it for under market value.”
The buyer plans to make minor improvements to the building, including upgrades to common areas and other features. The office building, located less than a mile from Lakewood Ranch Hospital, overlooks a lake and has ample parking for building tenants. Current tenants work in the professional services industry, including a mortgage company, IT provider and management company.
In January of this year, JDL Development sold a 44,000-square-foot Class-A office building located at 5901 N Honore in Sarasota to PropLogix for $10.5 million. The company also recently sold a retail property on 2.1 acres at 4311 Manatee Ave. W in Bradenton for $1.08 million. Jag Grewal represented Kingdom Development/JDL Development in both transactions.
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.