California investor group buys GPS Industries building

BUYER: EDB LLC, Lookout Mountain, Ga.

SELLER: JAC Investment Holdings LLC

PROPERTY: 1074 N. Orange Ave., Sarasota

PRICE: $2.9 million

PREVIOUS PRICE: $1.85 million, October 2009

ATTORNEY ON DEED: David H. Rosenberg PL, Sarasota

PLANS, DESCRIPTION: A California investment entity purchased the 31,796-square-foot GPS Industries building for $2.9 million.

The price equated to $91 per square foot.

Constructed originally to house Westwater Construction Inc., the building features six doors, a fenced yard and rail access.

GPS Industries LLC specializes in the production and servicing of GPS-enabled wireless golf course management systems. It has more than 10 years remaining on its building's lease.

The two-story building was sold as a passive triple-net leased investment. GPS Industries is responsible for utilities, building upkeep, insurance and property taxes.

Ricardo Ruiz del Vizo of Keller Williams Commercial International on St. Armands Circle handled the transaction.

The transaction was done as part of a 1031 tax-deferred exchange for property that the investment group sold in California.

Ruiz says the sale just continued to demonstrate the strength of the Sarasota area as a commercial investment for buyers worldwide.