BUYER: Robinson Investing LLC (principals: Louis and Joan Robinson), Bradenton
SELLER: The 26th Street LLC
PROPERTY: 2607, 2609, 2611 and 2615 W. 26th St., Bradenton
PREVIOUS PRICE: $249,500, May 2000
LAW FIRM ON DEED: MSC Title Inc., Venice
Louis and Joan Robinson of Bradenton purchased a 14,433-square-foot office building for $915,000.
The price equated to $63 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.
Located on a 2.04-acre site, the single-story building is fully leased to The Broach School and Extensions Learning Center. The tenants have lease options on the property through 2023. It features 13,205 square feet of rentable space.
Based on its current income the purchase price equated to a payoff ratio (capitalization rate) of 11.5%.
Louis Robinson says the couple sold some property in California and was looking to acquire a rental property and a home in the Lakewood Ranch-Bradenton area.
“There is a great deal of difference between the price you pay for real estate in California and out here,” Robinson says. “In California, you can't get an investment with a more than 5% cap. Plus my wife is a high school teacher and she really has a heart for kids. So having a school there and a day care is really something we're excited about.”
Steve Horn and Ian Black of Ian Black Real Estate represented the seller and Jamie Van Vliet of Michael Saunders & Co. represented the buyer.
“The Broach School has been there a long time,” Horn says. “It's been in Manatee County and that area for 12 to 13 years. And the Extensions Learning Center recently expanded. It was a really good cap rate for the buyer and just shows the depth of the market for investment right now.”