Canadian firm buys Sarasota building for $52.5 million

SARASOTA — Agellan Commercial Real Estate Investment Trust, a Toronto-based firm that owns some three-dozen properties throughout North America, has acquired one of Sarasota County's largest industrial properties.

The REIT's $52.5 million deal for the Meridian Distribution Center, at Clark and McIntosh roads, marks its second purchase in Florida. Agellan also owns an industrial property in Tampa.

“We liked the price and where property is,” says Frank Camenzuli, Agellan's CEO, in an interview with the Business Observer. “We very much appreciate the value of refrigerated warehouses, and this asset has a little bit of land attached so at some point we may build something there. For now, our goal is to maintain it and keep the tenants happy.”