TerraCap Partners' second fund buys Kane Plaza

BUYER: Sarasota Sun Center LLC (principal: Walter S. Hagenbuckle), Bonita Springs
SELLER: Y Associates Ltd.
PROPERTY: 1 S. School Ave., Sarasota
PRICE: $11.5 million
PREVIOUS PRICE: $500,000, July 1999
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Bonita Springs investment fund TerraCap Partners II purchased the 88,178-square-foot Kane Plaza and adjacent four-story parking garage for $11.5 million.

The price equated to $130 per square foot for the office building. 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.