Starling Group entity buys, repositioning former Gemesis building

BUYER: 7040 LLC (principal: Fred Starling), Sarasota
SELLER: SITC Inc.
PROPERTY: 7040 Professional Parkway E., Sarasota
PRICE: $1.8 million
PREVIOUS PRICE: $515,300, March 2002
LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION: Sarasota's The Starling Group purchased the 61,100-square-foot former Gemesis industrial building in Lakewood Ranch Corporate Park for $1.8 million.

The price equated to $29 per square foot.

The building was vacant at the time of the sale. Half of the current building was built in 2002 and was expanded in 2008. The manufacturing facility features 10,805 square feet of office space including private offices, a reception area, conference room and clean rooms.

“I liked the location just down the street from other buildings I own,” says Fred Starling, owner of The Starling Group. “I also liked the size of the building. It's fully air-conditioned and included a 750 KW backup generator. We plan to reposition it to find a single tenant or even two tenants.”

He plans to install two loading docks.

Jag Grewal of Ian Black Real Estate handled the transaction.

The purchase entity 7040 LLC mortgaged the property to Investors Management Trust Inc. for $1 million.

Click here to read more about Gemesis Diamond Co. and the building.