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CBRE group works Commerce Center sale.

Jeffrey Dunne and David Gavin of CBRE's New York Tri-State Region Institutional Group collaborated with Ginger Gelsheimer and Rick Klepal of CBRE's Tampa office to successfully negotiate the sale of Sarasota Commerce Center I in Sarasota, Florida.

The property was sold by DA Commerce Center LLC, an affiliate of Denholtz Associates, to Osprey SA.

This Class A building benefits from its full-height window line, abundant parking, close proximity to Sarasota's CBD. At the time of sale, Sarasota Commerce Center I was 73% occupied with 100% of this space occupied by credit tenants including Computer Sciences Corporation (32,474 SF) and Blue Cross Blue Shield of Florida (8,598 s/f).

"Having achieved all of their investment objectives, this sale transaction will enable the sellers to redeploy their financial resources into additional acquisitions in the local region," commented Dunne. "Sarasota Commerce Center I additionally provided the new owners with significant upside potential."

Among its most recent deals, the CBRE group sold Edgewater Commons in New Jersey for $134 million; Verizon Portfolio for $155 million; Franklin Avenue Plaza in Garden City for $98.7 million.
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Publication:Real Estate Weekly
Date:Jun 27, 2007
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