TerraCap Partners II buys land for 'multifamily opportunity'

BUYER: Sun Center Village LLC (principal: Walter S. Hagenbuckle), Bonita Springs
SELLER: Sarasota Family YMCA Inc.
PROPERTY: 41 N. School Ave., Sarasota
PRICE: $1.44 million
PREVIOUS PRICE: $232,779, December 1992

PLANS, DESCRIPTION:
The investment fund TerraCap Partners II purchased three Sarasota YMCA buildings on 1.3 acres fronting Fruitville Road for $1.44 million. The price equated to $25 per square foot of land.

The three buildings were unoccupied and in bad condition. Overall the buildings themselves had little to no value, according to John Harshman of Harshman & Co. Inc., who represented the seller. The value was in the property, which is zoned downtown core, allowing a development of up 50 units per acre and up to 10 stores.