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BUYER: Cattleman Realty Associates LLC (manager: Jeffrey Gottlieb), Sarasota
SELLER: Biel REO LLC
PROPERTY: 1155 Cattlemen Road, Sarasota
PRICE: $1.49 million
PREVIOUS PRICE: $705,100, November 2013
LAW FIRM ON DEED: Law Firm of Trenam Kemker, Tampa
PLANS, DESCRIPTION:
The owners of West Berlin, N.J.-based ResinTech Inc. purchased a 27,900-square-foot office building for $1.49 million.
The price equated to $53 per square foot. That figure is lower than the two-year average price per square foot for office space ($119) in the Tampa Bay area, according to the CoStar Group.
The building was purchased to serve as the new home for ResinTech's subsidiary, Aqua Wholesale Inc. It will occupy about 18,500 square feet in the building and is expected to share space with two future tenants.
Currently, Aqua Wholesale operates from a 7,000-square-foot building at 6265 E. Sawgrass Road, Sarasota.
Aqua Wholesale, which employs seven people, sells residential, commercial and industrial water treatment and purification equipment.
Daniel Douglass represented the buyer, and Gary Tasman and Shawn Stoneburner of Cushman & Wakefield Commercial Property Southwest Florida represented the seller. Douglass has been retained to market Aqua Wholesale's current building for lease.
“They needed more warehouse space,” Douglass says. “There is a shortage of large buildings of this type in the area. That kind of space is really hard to find, and along the I-75 corridor is golden. They hope to move by July 1st.”
The purchase entity, Cattleman Realty Associates LLC, mortgaged the property to Citizens Bank of Pennsylvania for $1.19 million.
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