Israeli investor pays $27 million for Sarasota industrial property

An Israeli real estate investment firm has bought the nearly 187,000-square-foot Sarasota Industrial Business Center in Sarasota.

Buligo Capital, based in Tel Aviv, paid $27.4 million for the property on Industrial Boulevard just off U.S. 301 and about 2 miles east of Sarasota-Bradenton International Airport.

The property, according to Ian Black Real Estate, includes five industrial parcels totaling over 186,650 square feet of shallow-bay industrial space, as well as 1.12 acres of industrial outdoor storage and laydown yard.

The space was 85% occupied at the time of sale with tenants committed to multiyear leases, the Sarasota commercial real estate firm says in a statement.

The seller is GBA Holdings, a joint venture of Biscayne Atlantic and Genet Property Group.

According to Sarasota County property records, Biscayne Atlantic bought the property December 2022 for $8.59 million. Ian Black, which represented the joint venture in the deal, says Biscayne spent more than $1.3 million on improvements.

Buligo is a global real estate investment firm with holdings in several sectors. It has two U.S. offices, including one in Boca Raton, and is traded on Tel Aviv Stock Exchange

The firm is not unfamiliar with the local market. In 2023 it bought the former Tervis headquarters space at 201 Triple Diamond Blvd., paying $15.35 million for the 119,204-square-foot property.

Ian Black’s Nick DeVito II and Brie Tulp represented GBA in the sale and procured Buligo as a buyer. The pair have previously represented Buligo in lease negotiations at the Triple Diamond property.