Sarasota medical office building sees value jump more than 600%

A 2,467-square-foot medical office building across from Marie Selby Botanical Gardens in Sarasota sold for $3.6 million — 634% more than the its previous owner paid for it 19 years ago. 

The building is at 1545 Mound St., between Orange and Palm Avenues, and is one of three parcels set to become a 66-unit mixed use condominium development. (The third parcel, at 786 S. Orange Ave. sold to the same buyer in May for $3.5 million, 753% more than the $410,000 the previous owner paid for it in 2005.) 

Sarasota County property records show the Mound Street property was bought by an LLC named Unilog Orlando 1031. The previous owner, Marked Holding, paid $490,400 for the property in 2006. 

The building, according to a profile on the commercial real estate website Crexi, was built in 1997 and sits on 0.235 acres. 

It is next door to the former Kodra Professional Office Center at 777 Palm Ave. that sold for $5.5 million a year ago.  

According to the Sarasota Observer, a sister paper of the Business Observer, Unilog Group of Miami wants to develop an up-to seven story, 66-unit building with 17,946 square feet of commercial space and a five-story parking podium on the site.

(The Mound Street and Orange Avenue properties are listed as part of the project in a development application.)