Savlan Capital to upgrade 33-year-old building's lobby, common areas and more
The new owner of Bradenton’s tallest office building intends to spend “well over $1 million” to upgrade the 33-year-old structure’s lobby, common areas, adjacent parking garage and restrooms.
Savlan Capital CEO Zusha Tenenbaum says the Bradenton Financial Center’s seven-figure capital plan will cement the building’s status as the premier office space in Manatee County’s largest city.
“The building has very good bones,” says Tenenbaum. “And it’s been owned by the same owner for the past 25 years. It just needs a good facelift.”
He adds that Savlan plans to fully restore aspects of the former Tropicana corporate headquarters regardless of cost.
“We’re not tied to a specific number,” he says. “Our renovations are more tied to what we want to do, and we have a very specific plan of action in mind. Both the interiors and the architecture there are amazing.”
The Hollywood-based firm has retained Sarasota’s Red Property Management to manage the asset and SVN Commercial Advisory Group’s Debra Cooper and Angela Varga to lease the 12-story office building.
The 1401 W. Manatee Ave. property was 90% committed at the time of the sale to tenants such as investment firms Morgan Stanley and Merrill Lynch; Bank of America; Mauldin Jenkins; Workforce Business Services; Fisher-Rosemount Systems; and Sage Restaurant, among others.
Developed in 1986, the 116,839-square-foot building also contains a five-deck parking garage adjacent to the building, on 1.2 acres.
Commercial real estate brokerage firm Cushman & Wakefield’s Tampa-based capital markets team comprising Vice Chairman Mike Davis, Executive Director Rick Brugge and Director Rick Colon represented seller BFC Bradenton LLC and Savlan in the $14.95 million transaction.
Bradenton Financial becomes Savlan’s eighth acquisition, following that of a pair of office buildings in Altamonte Springs and Kissimmee and business parks in Jacksonville and Irving, Texas, according to its website.