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Sarasota commercial portfolio on the market for $77 million

One of six properties listed for sale as part of a Sarasota portfolio.
One of six properties listed for sale as part of a Sarasota portfolio.
Image courtesy of SVN Commercial Advisory Group
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A nine-building, 333,000-square-foot commercial portfolio in Sarasota belonging to a Detroit-area investor has been put up for sale with an asking price of $76.8 million.

The portfolio includes six properties that are all within a 1-mile radius on Cattleman and Fruitville roads, near Interstate 75. 

Gail Bowden, senior investment advisor for SVN Commercial Advisory Group who is representing the seller, said the portfolio is 95% leased and “each property is well-maintained and professionally-managed. The tenants are a good mix of national, regional and local tenants – all very solid.”

The most notable property in the portfolio is a two-building complex at 2601 Cattlemen Road. The 97,592-square-foot building sits on 11 acres in the Live Oak Corporate Center and can be bought for $27.56 million. 

Another building in the portfolio is notable for the street it is on: Paramount Drive. From 1997 to 2013 that road was Arthur Anderson Parkway, named for the accounting giant that occupied several buildings in the complex. Arthur Anderson had some 1,000 employees there, but the company, infamously the auditor for energy firm Enron, went out of business in 2002. Sarasota County officials changed the name to Paramount Drive in 2013 

An SVN spokesperson said in an email that “the sellers prefer not to be mentioned here,” but according to Sarasota County records and the state’s Division of Corporation’s database, the owner is Ibis Investment Co.

There isn’t much information about Ibis online, but according to state and local records, the company owns all of the properties through several LLCs.

All but one of those LLCs list the same Harpers Wood, Michigan, address belonging to Ibis and lists Carrie Kaminski as manager. (Harpers Wood is about 9 miles northeast of downtown Detroit.) 

Carrie Kaminski is listed as the company’s CFO on LinkedIn and as the company’s treasurer and secretary in Michigan’s online corporation filing system.

As for the one LLC that doesn’t have share information, it is linked to one of the LLCs that does.

Ibis was profiled in a 2018 Business Observer story that talked about how it came to own properties in the area after an acrimonious split with a former partner following the 2008 economic collapse.

The story states that in 2011 the partners of Osprey Real Estate Services split the company and its assets, selling more than a dozen buildings. That included the 17-story First Central Tower in downtown St. Petersburg, sold in 2014.

Ibis kept several Sarasota properties.

The six properties on the market are:

  • 100 Paramount Drive
  • 2201 Cantu Court
  • Three buildings at 2601 Cattlemen Road
  • Two buildings at 2801 Cattlemen Road
  • 2801 Cattlemen Road
  • 2821 Cattlemen Road

A qualified buyer can assume an existing loan at 3.25%, SVN said.

This article originally appeared on sister site


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