|Gross Leasable Area (GLA)||28,600 Sq.Ft.|
|Price Per Square Foot (GLA)||$195|
|Lot Size||2.72 Acres|
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.