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University Park investor buys It Works S.R. 64 office building


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  • | 5:36 p.m. December 13, 2013
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BUYER: CMA II Realty LLC (Alan Kesten), University Park
SELLER: McDuke Family Partnership
PROPERTY: 5325 E. SR 64, Bradenton
PRICE: $4.48 million

PLANS, DESCRIPTION: Real estate investor Alan Kesten of University Park purchased a 17,000-square-foot office building for $4.48 million.

The price equated to $263 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The building was constructed with a number of luxury finishes to serve as Singletary Concrete's headquarters. Since then Singletary Concrete was sold to a national company and eventually brought under building-materials giant CEMEX, which is the master tenant on the building. The property is now subleased to It Works.

Barry Seidel and Marcia Cuttler of American Property Group of Sarasota Inc. handled the transaction and will continue to manage the property for the new owner.

“The buyer was attracted by the strength of the master tenant on the property and by the quality of building,” Seidel says. “In my 17 years of doing real estate in Sarasota, I've never seen construction like this. It resembles a high-end home, a very high-end home.”

The same investor, using the name of CMA Realty LLC, purchased a fully leased 14,250-square-foot retail strip center at 3908 S. Tamiami Trail, Sarasota for $3.7 million, equal to $260 per square foot.

 

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