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The industrial market along the Gulf Coast and into the Interstate 4 corridor is red hot, as even casual observers know, and that robust activity is translating into lightning-quick deal closings.
Case in point: A Sarasota manufacturing building recently sold — from offer to close — in an astonishing 10 days.
An affiliate of Las Vegas-based Diamond Creek Holdings bought the 24,050-square-foot building in the Sarasota International Trade Center on the strength of its full occupancy and long-term lease with tenant Interior Logic Group, of Atlanta. The property traded for $1.79 million, or an 8 cap.
Ian Black, a partner and founder of Sarasota commercial real estate brokerage Ian Back Real Estate, who worked on the 8293 Consumer Court deal together with Partner Steve Horn and Sales Associate Melissa Harris, acknowledged the speed of the deal was a “rarity.”
“All the stars aligned to make this transaction move quickly,” says Black, whose firm represented seller 4Ohio LLP, an entity controlled by Thomas Shapiro, president of Sterling Manufacturing, which was acquired by cabinet and countertop installer Interior Logic in July.
He attributes the velocity of the deal, which typically would take between three and four months to complete, to pre-listing due diligence and “clean environmental studies.”
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