Dilweg Cos. Cashes In on Sarasota Office Sale
- Mar 03, 2020
Feldman Equities, together with Tower Realty Partners and Equity Street, has purchased Sarasota City Center, a two-building, 247,947-square-foot office asset in downtown Sarasota, Fla.
The Dilweg Cos. sold the Class A property for an estimated $50 million, according to Business Observer. The business center last changed hands in 2017, in a $115.5 million portfolio transaction.
JLL assisted the seller in the current deal and also procured financing for the buyer through NXT Capital. Loan proceeds went toward the acquisition and future property upgrades.
Located at 1819 Main St., Sarasota City Center comprises a 13-story tower and a three-story building, both completed in 1989 and renovated in 2019. The office building features a six-story parking garage and almost 7,000 square feet of retail. Amenities include a tenant lounge, on-site restaurant, fitness center, hair salon and spa, shoe repair and bank with drive-thru and ATM.
Renovation plans targeting Class A+
The joint venture plans to invest approximately $10 million in extensive renovations at the property that was 80 percent leased at the time of sale. Upgrades will target common corridors, main lobby and vacant suites. According to Feldman Equities CEO Larry Feldman, the new ownership aims to bring the asset to Class A+ standards.
The 2.2-acre property is across from Sarasota Main Plaza one block west of Washington Boulevard, within walking distance of shopping, dining and entertainment venues. Sarasota-Bradenton International Airport is roughly 5 miles northwest. Sarasota City Center is also located close to a four-building, 246,941-square-foot office asset that traded for $45.2 million in September.
JLL Senior Managing Director Hermen Rodriguez, Senior Director Ike Ojala and Director Matthew McCormack were part of the Capital Markets team representing the seller in the deal. Managing Director Bryan Clark and Analyst Daniel Pinkus led the firm’s debt placement team.