San Diego investors buy Sandalwood Park

BUYER: Double R Investments LLC (principals: Ross Baldwin and Robert Rosi), San Diego, Calif.

SELLER: Sandalwood Business Park LLC

PROPERTY: 5002 Lena Road, units 101-112, Bradenton

PRICE: $1 million (forgiveness in debt)

TITLE FIRM ON DEED: Safe Harbor Title Co., Fort Myers

PLANS, DESCRIPTION: San Diego investors Ross Baldwin and Robert Rosi purchased the mortgage note for a 12-unit Sandalwood Business Park flex building and additional vacant land from Whitney National Bank and took ownership of the property in exchange for canceling $1 million in mortgage debt.

The 17,400-square-foot building, which occupies a FOUR-acre parcel, was 95% occupied at the time of the sale.

“We are in the business of buying paper,” Baldwin says. “We just felt it had a meaningful upside potential. It's a very nice facility. I also like Bradenton; I think we are bottom of the [real estate] market. Two other competing properties nearby are nearly full as well, so hopefully we will see rental prices moving up.”

Baldwin says he could develop an additional 20 units on the remaining vacant land should the market support it.

Along with several other commercial properties in Arizona, the partners own and operate a self-storage facility in Port Charlotte.