TerraCap buys four Sarasota office buildings for $37.1M

A Bonita Springs-based investment firm has acquired four suburban Sarasota office buildings for $37.1 million, in one of the largest commercial real estate sales of 2015 in Southwest Florida.

TerraCap Management LLC's purchase of the Gateway Professional Center comes a little more than a year after it bought the 10-story Kane Plaza office tower in downtown Sarasota for $11.5 million, according to property records.

TerraCap acquired Gateway at a significant discount to its previous price of $55 million, which an affiliate of Boston-based TA Associates Realty paid in July 2006, records show. TA was selling because one of its funds was sunsetting.