Tampa Bay Office Campus Commands $45M
- Sep 10, 2019
TerraCap Management has sold Gateway Professional Center, a four-building, Class A office complex totaling 246,941 square feet in Sarasota, Fla. Taurus Investment Holdings acquired the asset for $45.2 million. JLL represented the seller and procured the buyer in this off-market transaction. According to Yardi Matrix data, the property last traded in 2015, when TerraCap purchased it for $37.1 million.
Gateway Professional Center consists of four three-story buildings located at 301, 401, 501 and 551 N. Cattlemen Road. The assets have frontage along Interstate 75 and are close to the area’s main points of interest such as The Mall at University Town Center, downtown Sarasota, Lido Key Beach and the Sarasota-Bradenton International Airport.
Built between 1999 and 2006 on roughly 31 acres, Gateway Professional Center offers on-site fitness centers and conference centers, as well as a parking ratio of five spaces per 1,000 square feet. The property is approximately 95 percent leased to a diverse tenant mix.
The JLL Capital Markets team of Senior Director Ike Ojala, Senior Managing Director Hermen Rodriguez and Director Matthew McCormack represented the seller in the deal.
In May, a four-building, 294,621-square-foot office park traded in Tampa. The Dilweg Cos. purchased the asset for $53.3 million.