Investors Gibson family buy Sarasota Industrial Park building

BUYER: Raymond Gibson as trustee of the Raymond H. Gibson Trust, Sarasota
SELLER: TAC LLC
PROPERTY: 2383 Industrial Blvd., Sarasota
PRICE: $1.08 million
PREVIOUS PRICE: $750,000, August 2002
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION:
Raymond Gibson, individually and as trustee of the Raymond H. Gibson Trust, purchased a 36,335-square-foot building in Sarasota Industrial Park for $1.08 million.

The price equated to $30 per square foot. That figure is less than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.

The warehouse/distribution steel building was construct in 1979.

The Gibson family has owned the nearby 23,004-square-foot at 2387 Industrial Blvd. since 2002. It currently leases that building to Pamaro Shop Furniture, which uses the building for its warehouse and distribution.

The family purchased the adjacent 28,166-square-foot building at 2363 Industrial Blvd. in late June for $890,000. Following the most recent purchase, it owns three buildings in a row with total of about 87,000 square feet.

“One of the reasons I like these buildings is that they already have heavy power and they all have access to natural gas,” Gibson says. “Early steel buildings are generally over engineered. They are very structurally substantial buildings. There is a lot of value there. Generally the thing that is wrong with a steel building is the roof. We plan to solve that by putting a new metal roof system on 2383 (Industrial Blvd.)”

The buyer also plans to paint it and refurbish it over the next three months.

Carl Wise of Preferred Commercial Inc. has been retained to market the building for lease.

The Gibson family owns commercial real estate in Florida, North Carolina, Tennessee and Connecticut.

Marcia Cuttler of American Property Group of Sarasota Inc. handled the sale.