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Manatee-Sarasota
Business Observer Friday, Jul. 15, 2011 9 years ago

Two Sarasota entrepreneurs buy Creekwood flex buildings

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Sarasota businessmen Paul Marchese Jr. and James Abrams purchased two flex buildings in Creekwood East Corporate Park for $1.68 million.

BUYER: Maraba LLC (principals: Paul Marchese Jr. and James Abrams), Sarasota

SELLER: Stearns Bank

PROPERTY: 5103 and 5107 Lena Road, Bradenton

PRICE: $1.68 million

PREVIOUS PRICE: $675,000, February 2006

LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Sarasota businessmen Paul Marchese Jr. and James Abrams purchased two flex buildings in Creekwood East Corporate Park for $1.68 million.

The price equated to $35 per square foot.

The two buildings feature a total of 48,600 square feet of office and warehouse space and are divided into 27 tenant units. The property was 50% occupied at the time of the sale, according to Marchese.

“We just saw it as a good business opportunity,” he says. “We'll be cleaning it up and making it more desirable. It was being run by the bank, and we think we can run it a lot more efficiently.”

The partners are marketing the space for $7 to $8 a square-foot with common area maintenance fees.

The purchase entity Maraba LLC mortgaged the property to Angelshot LLC for $1.6 million.

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