New Hampshire company buys Nokomis office building

BUYER: Lowell Terrace Associates, Venice
SELLER: The Advisors Property Management Group LLC
PROPERTY: 2520 N. Tamiami Trail, Nokomis
PRICE: $1.9 million
PREVIOUS PRICE: $1.42 million, November 2004
LAW FIRM ON DEED: Cemovich Law Firm PA, Venice

PLANS, DESCRIPTION:
Lowell Terrace Associates, a New Hampshire company, purchased a 10,219-square-foot office building for $1.9 million.

The price equated to $186 per square foot. That figure is higher than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

The seller, financial-advising firm The Advisors Property Management Group LLC, has operated its business from the Tamiami Trail building for the past several years and plans to lease much of it back
from the buyer. The building has a single 3,500-square-foot vacancy.

Barry Seidel of American Property Group of Sarasota Inc. handled the transaction and will be marketing the vacant space. The asking rate is $20 a square foot for the furnished space.

“I sold that building 10 or 11 years ago and the people I sold it to wanted me to sell it for them,” Seidel says. “They wanted the additional funds to grow their business.”

Lowell Terrace Associates mortgaged the property to Synovus Bank for $1.28 million.