SugarOak Holdings buys office building near Wildewood center

BUYER: Sugaroak IPG LLC, Herndon, Va.
SELLER: Intertape Polymer Corp.
PROPERTY: 3647 W. Cortez Road, Bradenton
PRICE: $1.4 million
PREVIOUS PRICE: $975,000, July 1998
LAW FIRM ON DEED: Holland & Knight LLP, Tampa

PLANS, DESCRIPTION:
Herndon, Va.-based SugarOak Holdings Inc. purchased a 20,807-square-foot office building south of Cortez Road for $1.4 million.

The price equated to $67 per square foot.

The empty building is located on a pond behind the 11-building Wildewood Professional Center, which SugarOak Holdings purchased last year for $3.35 million.

“We always try to look at adjacent properties,” says Dan Baker, founder, chairman and CEO of SugarOak Holdings. “We also like that building. It's very well built. It was built for Barnett Bank, so the HVAC, security systems and access systems are all very well done.”

Baker says the company has already signed a lease for the Medicare-set-aside firm Franco Signor LLC to occupy half the building. The new ownership is also planning to improve the landscaping and add new signage.

Angelia Young of A. Young Realty Group Inc. is handling leasing the property.

The purchase entity, Sugaroak IPG LLC, mortgaged the property to EagleBank for $910,000.