Sarasota investor group buys University Parkway building

BUYER: Manasota Medical Arts Association LLC, Sarasota

SELLER: University Parkway Offices LLC

PROPERTY: 2970 University Parkway, Sarasota

PRICE: $1.83 million

PREVIOUS PRICE: $1.64 million, March 2006

LAW FIRM ON DEED: Peter M. Hodkin PA, Hollywood

PLANS, DESCRIPTION: A Sarasota investment group purchased a 23,140-square-foot office building for $1.83 million.

The price equated to $79 per square foot.

Barry Seidel of American Property Group of Sarasota handled the transaction. Seidel is marketing the space for the buyers, an undisclosed investor group under the corporate identity of Manasota Medical Arts Association LLC.

“The [prior] owners were in trouble and needed to sell it,” Seidel says. “There was a partnership dispute and a very large loan on the building. They decided it was better just to cut their losses and get out. This group is already spending a lot of money to improve the landscaping.”

Seidel says the investor group is a collection of savvy, well-funded business people.

The majority of the two-year-old building, at least 17,000 square feet, is still a raw shell. Seidel says Manasota Medical Arts Association committed to build out the space for a tenant at no charge.

Manasota Medical Arts Association LLC mortgaged the property to Community Bank of Manatee for $1.37 million.