Vesta Equity buys Lakewood Ranch building

Vesta Equity buys Lakewood Ranch building

BUYER: Vesta Lakewood Professional Center LLC (principal: David McIntyre), Sarasota

SELLER: J&H Development I LLC

PROPERTY: 6960 Professional Parkway East, Sarasota

PRICE: $2.88 million

PREVIOUS PRICE: $256,000, June 1999

TITLE FIRM ON DEED: Barnes Walker Title Inc., Bradenton

PLANS, DESCRIPTION: Real estate investment fund Vesta Equity in Sarasota purchased a 22,480-square-foot office building on Professional Parkway south of University Parkway for $2.88 million.

The purchase price equated to $128 per square foot of building space. Originally constructed in 2000, the building features five tenant spaces, of which three are occupied.

“We are also in this business park, so at the moment we were looking for potential opportunities to acquire in the area,” says George Kruse, portfolio manager. “We might move into a portion of it, but there's nothing firm at this point.”

Wagner Realty will market the property.