Lakewood Ranch couple buys 16 flex condo units

BUYER: Reclinata LLC (principals: Kerri and Rodger Dowdell III), Bradenton
SELLER: Sterling Breeze Holdings LLC
PROPERTY: 2341 Porter Lake Drive, Units 101-108 and 201-208, Sarasota
PRICE: $810,000
PREVIOUS PRICE: $790,000, December 2012
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: A purchase entity led by Kerri and Rodger Dowdell III of Lakewood Ranch purchased 16 commercial condominiums in a 24,000-square-foot industrial warehouse condominium building for $810,000.

The price equated to $40.50 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($46.35) in the Tampa Bay area, according to the CoStar Group.

The condo units, which cover a total of 20,000 square feet of flex space, were purchased as an investment. The majority of the units were rented. Each of the units features an office and restroom and two of the units include air-conditioned storage/work areas.

Jon Kleiber and Terry Eastman of Coldwell Banker Commercial represented the seller and Kevin Robbins of Harry E. Robbins Associates was the buyer's agent.

“It sold below replacement cost, and had good cash flow,” Kleiber says.

Robbins has also been retained to market the vacant 3,600 square feet. It is being listed, particularly to service companies or small contractor, for $695 gross per 1,200 square feet of space.