Sarasota's Starling Group buys Cattleridge Financial Center

BUYER: Cattleridge Development Corp. (officer: Fred Starling), Sarasota
SELLER: Osprey SA Ltd.
PROPERTY: 6000 Cattleridge Blvd., Sarasota
PRICE: $6.2 million
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION:
The Starling Group purchased the 46,577-square-foot Cattleridge Financial Center for $6.2 million.

The price equated to $133 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 Starling Group built the three-story office building for the current seller, Osprey SA Ltd., in 2005. It features a central lobby and two passenger elevators. Current tenants include Bank of Commerce,
Meadowbrook Insurance Group and Scarborough Research, which has announced it will be phasing out its call center in the second level of the building.

The building is 9% vacant now, but could potentially be more than 20% if no additional leases are added over the next 12-18 months.

“Fred Starling developed several buildings in Cattleman Bee Ridge area,” says Brian Kennelly, chief operating officer of The Starling Group. “Our headquarters is a couple buildings to south, so we know the Cattlemen I-75 market well. It certainly is an upside that the office market continues to improve. I-75 corridor vacancies are dropping to the point where we are comfortable with the long-term ownership of that building.”