Houghton-Wagman Partnership buys Laurel Ridge Plaza

BUYER: Houghton-Wagman Partnership Ltd. (principals: Scott Wagman and Beth Houghton), St. Petersburg

SELLER: Laurel Ridge Investment Group Inc.

PROPERTY: 7255, 7257, 7259, 7261, 7263, 7267, 7269, 7269, 7273, 7275 and 7277 Bee Ridge Road, Sarasota

PRICE: $1.27 million

PREVIOUS PRICE: $300, September 1991

TITLE FIRM ON DEED: Landguard Title Services LLC, St. Petersburg

PLANS, DESCRIPTION: The Houghton-Wagman family partnership of St. Petersburg purchased the 14,141-square-foot Laurel Ridge Plaza for $1.27 million. The price equated to $89 per square foot or $140,556 per unit.

Located a mile east of Interstate 75, the 20-year-old office strip building features nine tenant spaces. Although the building is approved as a condominium, the new owners plan to keep the property combined.

“We buy existing commercial properties, renovate them and hold them forever,” says Scott Wagman, one of the principals. “The owners built it for the National Insurance Network. For their own reasons they decided it was time to sell and they will be continuing to lease there.”

Wagman says the concrete block building was in great shape and the new ownership plans to do some minor cosmetic maintenance to it.

The development is 90% occupied and Houghton-Wagman has hired Erick Shumway of Re/Max Alliance Group to market the single vacancy.

“The draw is this is near the Laurel Oak/Bent Tree neighborhoods,” Wagman says. “People that don't want to drive into town for office space, this is the place. I would say that more than 80% of the tenants live in the area.”

The Houghton-Wagman family partnership invests in commercial properties primarily in the $1 million to $2 million price range. It currently owns 13 properties.