Moorman Development buys two flex buildings

BUYER: Moorman Development LP, Dayton, Ohio

SELLER: Branch Banking and Trust Co.

PROPERTY: 3490 Technology Drive and 1060 Knights Trail, Nokomis

PRICE: $1.31 million

PREVIOUS PRICE: $470,600, July 2003

TITLE FIRM ON DEED: BridgeTrust Title Group, St. Petersburg

PLANS, DESCRIPTION: Dayton, Ohio, partnership Moorman Development purchased two flex buildings in Laurel Interchange Business Center for $1.31 million. The price equated to $52 per square foot.

The 2.87-acre property features a 12,000-square-foot and a 13,000-square-foot building.

The company purchased the two buildings as an investment with plans to market them as rental flex space. The buildings were 32% occupied at the time of the sale.

“It's a style of property we have a lot of familiarity with,” says Jack Moorman, a principal with Moorman Development and the construction company Van Con Inc. “It's currently designed for 10 units, but that could change [based on demand]. We will be cleaning it up over the next two months.”

Moorman says the company also liked that the buildings featured an unusually high number of parking spaces, one for every 350 square feet of space, and has frontage on a major industrial road. Moorman Development also owns a vacant lot adjacent to the property.