- April 8, 2011
BUYER: 4023 Sawyer Road I LLC (principal: Beth Ryan), Sarasota
SELLER: Brazos XX LLC
PROPERTY: 4023 Sawyer Road, Sarasota
PRICE: $2.6 million
LAW FIRM ON DEED: Adams and Reese LLP, St. Petersburg
PLANS, DESCRIPTION: The Ryan family of Sarasota purchased the seven-building Sawyer Business Park for $2.6 million.
The price equated to $35 per square foot. That figure is less than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
The 4.2-acre property features several freestanding flex buildings totaling 74,279 square feet. The property contains 132 tenant spaces ranging from 300 square feet up to 1,200 square feet.
The Ryans purchased the property from an affiliate of American Momentum Bank, which foreclosed on the property in July.
“We are in here now cleaning up and restoring the property and modernizing it,” says Steve Ryan. “It's over 85% occupied now. We just plan to continue to grow it into the future.”
He says the new owner is looking to acquire additional investments, particularly those with high capitalization rates that need active management.
Bob and Roberta Kolton of Michael Saunders & Co. represented the seller and Bruce Dilges of Sperry Van Ness Commercial Advisory Group represented the buyer.
Bob Kolton says although there were repair issues with some of the properties, primarily roof issues and deferred maintenance, the purchase price equated to an annual payoff ratio based on income (capitalization rate) of 9.5%.
The transaction was done as a 1031 tax exchange for a property that the Ryan family sold in Pennsylvania.
Purchase entity 4023 Sawyer Road I LLC mortgaged the property to American Momentum Bank for $1.3 million.