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| Sarasota City Center includes two Class A office buildings located at 1819 Main Street in downtown Sarasota, FL |
SARASOTA,
FL – Feldman Equities, LLC (“Feldman”) and its joint venture partners, Tower
Realty Partners (“Tower”) and Equity Street announced the acquisition of Sarasota
City Center, two Class A office buildings located at 1819 Main St in
downtown Sarasota.
The centrally located buildings total 247,947
square feet and are connected by a common atrium.
Equity
Street, a nationally recognized real estate equity syndicator, assisted in
financing the acquisition.
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| Larry Feldman |
The
joint venture acquired the property at 80% occupancy and intends to make a
multi-million-dollar investment in renovations. The partners expect to complete
renovations and achieve lease-up over two years.
“We’ve
had our eye on the Sarasota market for years now and we’re thrilled to grow our
greater Tampa Bay footprint to one of the fastest growing counties in the
country. Downtown Sarasota is hot right now,” explained CEO Larry Feldman.
“Still,
we managed to acquire these buildings at less than half of replacement cost and
we don’t expect any new supply to come online in downtown Sarasota for at least
four or five years.”
Thousands
of new apartment units and luxury condominiums are under construction in
downtown Sarasota and the city includes some of the wealthiest zip codes in
Florida. Employment grew by 2.6% over the past year, far outpacing the national
average.
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| Than Merrill |
“We’re
excited to announce this investment with Larry and his team," said Than
Merrill and Paul Esajian, founders of Equity Street Capital.
"We
only partner with best in class operators who specialize in their market. In
greater Tampa Bay, that’s the Feldman team. We’re looking forward to another
successful deal.”
JLL marketed the property
on behalf of the seller, The Dilweg Companies.
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| Paul Esajian |
Additionally,
JLL worked on behalf of the new owner to obtain a loan with NXT Capital. Loan
proceeds funded the acquisition and will be used by the borrower to
substantially upgrade the building.
The
JLL Capital Markets team representing the seller included Senior Managing
Director Hermen Rodriguez, Senior Director Ike Ojala and Director
Matthew McCormack.
The
JLL Capital Markets debt placement team was led by Managing Director Bryan
Clark and Analyst Daniel Pinkus.
Feldman
will oversee extensive renovations to the buildings, including modernized
common corridors, an energy-efficient chiller, and main lobby enhancements.
The
vacant suites will be dramatically upgraded, and some will be pre-fitted with
offices and reception areas for tenants seeking an immediate move in.
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| Hermen Rodriguez |
The
joint venture expects to spend approximately $10 million in capital and tenant
improvements to upgrade the building.
The improvements are expected to help drive leasing and improve operational efficiency.
The improvements are expected to help drive leasing and improve operational efficiency.
“Sarasota City Center is already the best
building in downtown Sarasota. Our goal is to bring the building up in quality
to a Class A+ condition,” added Feldman.
About
Feldman Equities, LLC
Over
the past 30 years, Feldman Equities has developed or acquired over eleven
million square feet of office and retail properties with an aggregate value in
excess of $3 billion.
Feldman is a “re-inventor” of the office building and
specializes in turning around distressed office assets.
Feldman Equities and its partners own and manage 2.3 million square feet of office space in the Tampa Bay area.
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| Ike Ojala |
Feldman Equities and its partners own and manage 2.3 million square feet of office space in the Tampa Bay area.
About
Tower Realty Partners
Tower
Realty Partners is a privately held, commercial real estate investment &
management company based in Orlando, Florida.
Founded in 1987 by principals Cliff Stein and Reid Berman, Tower Realty Partners has been involved in the acquisition, leasing, and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions.
Founded in 1987 by principals Cliff Stein and Reid Berman, Tower Realty Partners has been involved in the acquisition, leasing, and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions.
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| Matthew McCormack |
About Equity Street
Equity
Street Capital is a privately held commercial real estate investment company
that invests in retail, apartments and office properties.
The company partners with local operators and has provided equity for over $465 million dollars of commercial acquisitions in the last couple of years.
The company partners with local operators and has provided equity for over $465 million dollars of commercial acquisitions in the last couple of years.
CONTACT:
Adam Gower Ph.D.
Websiite: GowerCrowd
Podcast: The Real Estate Crowdfunding Show
Book: Leaders of the Crowd
Websiite: GowerCrowd
Podcast: The Real Estate Crowdfunding Show
Book: Leaders of the Crowd
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