Group buys Potter Park office buildings

Group buys Potter Park office buildings

BUYER: Palmer Ranch Executive Office Center LLC (principal: Stephen Anderson), Sarasota

SELLER: Palmer OB LLC

PROPERTY: 8586-8588 Potter Park Drive, Sarasota

PRICE: $800,000

PREVIOUS PRICE: $1.25 million, October 2008

LAW FIRM ON DEED: Scheef & Stone LLP, Dallas

PLANS, DESCRIPTION: Palmer Ranch Executive Office Center LLC, a real estate entity led by Stephen Anderson of the Sarasota-based general contractor Anderson & Ellis Inc., purchased two office buildings, totaling 15,987 square feet, on Potter Park Drive north of Central Sarasota Parkway for $800,000.

The purchase price equated to $50 per square foot of building space.

One of the buildings, 8586 Potter Park, is run as executive suites. The second building has a tenant leasing 3,000 square feet and has 4,500 square feet of unoccupied space.

Mike Myers of NAI Tampa Bay represented the seller, an entity of Bank of America. Nick DeVito, II with Kleiber DeVito Real Estate Group Ptr. was the buyer's agent and will be listing the remaining vacant space.

“It was a heck of a deal,” says Myers. “There was the high-vacancy; and it needs to be painted and some other improvements. The bank took it over a year ago.”

DeVito expects to lease the 4,500 square foot space starting at $10 a square foot triple net.