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BUYER: JW4 Capital LLC, Sarasota
SELLER: Stearns Bank NA
PROPERTY: 5700 Sawgrass Road, Sarasota
PRICE: $2.1 million
PREVIOUS PRICE: $9.58 million, October 2008
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION:
JW4 Capital LLC in Sarasota purchased 35.17 acres of vacant industrial land near Fruitville Road and Interstate 75 for $2.1 million.
The price equated to $59,710 per acre.
The land has 23 acres of developable space, which could house around 250,000 square feet of commercial space. The seller, Stearns Bank NA, foreclosed on the property from Cattlemen Energy Complex LLC in April.
Kevin Robbins of Harry E. Robbins Associates Inc. handled the transaction.
“The land market has really come back the past nine to 12 months,” Robbins says. “Existing buildings are approaching the replacement costs for warehouse buildings. A lot of this is timing. Now it makes sense to buy either as an investment or to develop. It's a great piece of property.”
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