Miles Media Building

Miles Media Building

Miles Media Building
6771 Professional Parkway W
Sarasota, FL 34240

$5,601,574

Cap Rate 7.75%
Gross Leasable Area (GLA) 28,600 Sq.Ft.
Price Per Square Foot (GLA) $195
Year Built 2006
Lot Size 2.72 Acres
  • Long-term Appreciation in Sarasota Real Estate
  • Stabilized Asset with 96 Percent Occupancy in the Miles Media Building
  • Average Household Income Over $89,032 in a Five Mile Radius
  • Ideally Located within Affluent Lakewood Ranch and Less than One-Mile from Interstate 75
  • Value Add Opportunity with Magnolia Green 8 Building
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Miles Media Building (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to offer for sale Sarasota Office Portfolio, a two property office building portfolio located in Lakewood Ranch, an affluent high income district of the Sarasota-Bradenton MSA.

The subject properties consist of the Miles Media Building, a 96 percent occupied 28,600-square foot office building built in 2002, and Magnolia Green 8, an 81 percent occupied 30,001-square foot office building built in 2006. The property is ideally located at the heart of Lakewood Ranch, which is a wellknown master planned community in northeastern Sarasota County, Florida. The property is surrounded by a population of 86,337 people within five miles and hosts gourmet and family-friendly
restaurants, A-rated schools, unique shops and boutiques, business parks, state of the art medical centers, three different masterfully designed golf courses; fitness centers, aquatics, 18 lighted tennis courts; even Polo and Cricket clubs.

The Sarasota Office Portfolio offers investors an opportunity to acquire a stabilized asset with an additional value add component. By taking advantage of today’s attractive financing options the next owner will achieve a cash-on-cash return of nearly 10 percent based on the current income of the property; by leasing up the vacant units, there is a potential cash-on-cash of over 12 percent.

For More Information, Please Contact:

Armando Rodriguez

Associate
(813) 387-4806
Armando.Rodriguez@MarcusMillichap.com