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Sarasota investor group buys University Parkway building


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  • | 11:07 p.m. December 10, 2010
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  • Manatee-Sarasota
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BUYER: Manasota Medical Arts Association LLC, Sarasota


SELLER: University Parkway Offices LLC


PROPERTY: 2970 University Parkway, Sarasota


PRICE: $1.83 million


PREVIOUS PRICE: $1.64 million, March 2006


LAW FIRM ON DEED: Peter M. Hodkin PA, Hollywood


PLANS, DESCRIPTION: A Sarasota investment group purchased a 23,140-square-foot office building for $1.83 million.


The price equated to $79 per square foot.


Barry Seidel of American Property Group of Sarasota handled the transaction. Seidel is marketing the space for the buyers, an undisclosed investor group under the corporate identity of Manasota Medical Arts Association LLC.


“The [prior] owners were in trouble and needed to sell it,” Seidel says. “There was a partnership dispute and a very large loan on the building. They decided it was better just to cut their losses and get out. This group is already spending a lot of money to improve the landscaping.”


Seidel says the investor group is a collection of savvy, well-funded business people.


The majority of the two-year-old building, at least 17,000 square feet, is still a raw shell. Seidel says Manasota Medical Arts Association committed to build out the space for a tenant at no charge.


Manasota Medical Arts Association LLC mortgaged the property to Community Bank of Manatee for $1.37 million.

 

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