Marcus & Millichap Trades a 183,227 SF Industrial Park in Sarasota for $10.4 Million

12/13/17

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Airport Commerce Center, a 183,227-square foot industrial property located in Sarasota, FL, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $10,400,000.

“The Property represents a best in class asset with a high historical occupancy and direct proximity to the Sarasota-Bradenton International Airport. The park offers a wide variety of unit types and sizes to accommodate different tenants,” states Benjamin H. Silver, first vice president investments, in the Fort Lauderdale Office.

Douglas K. Mandel, senior managing director investments, Silver, in Marcus & Millichap’s Fort Lauderdale office, and Nicholas Hanson, associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by L.J. Tsunis, associate, and Krone Weidler, first vice president investments, both in Marcus & Millichap’s Tampa office.

“Additionally, the Property offers critical mass which allows for an investor outside of the state to enter the market and have onsite management and leasing,” continues Silver.

Airport Commerce Center is located at 7602 15th Street E in Sarasota. The property is located at the north point of Sarasota-Bradenton International Airport and within a half an hour from the Port of Manatee, which is the closest U.S. deep water seaport to the expanding Panama Canal. Airport Commerce Center consists of eight industrial buildings totaling 183, 227 square feet and is currently 95 percent occupied by a blend of flex, office and warehouse tenants. The property provides versatility to both ownership and tenants.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

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