Fiberlay parent buys new Northgate Boulevard location

BUYER: Orca Composites LLC (manager: Scott and Christina Macindoe), Renton, Wash.
SELLER: RB-1 Inc.
PROPERTY: 1470 Northgate Blvd., Sarasota
PRICE: $1.53 million
PREVIOUS PRICE: $1.88 million, June 2004
LAW FIRM ON DEED: Buchanan Ingersoll and Rooney PC, Tampa

PLANS, DESCRIPTION:
Seattle-based Orca Composites purchased a 39,994-square-foot industrial building in Northgate Center for $1.53 million.

The price equated to $38 per square foot. That figure is less than the two-year average price per square foot for industrial space ($41) in the Tampa Bay area, according to the CoStar Group.

The building is currently split into two tenant spaces. Half of the building is occupied by Bridge Academy. Orca Composites' Fiberlay will be relocated to the remaining vacant space from an about 10,000-square-foot leased space at 5612 Lawton Drive, Sarasota.

Terry Eastman of Coldwell Banker Commercial NRT represented the seller, and Troy Robbins of Harry E. Robbins Associates Inc. represented the buyer.

“They were looking for a building that's a little larger,” Robbins says. “They feel a very strong pull to the community here and wanted to own their property. This was a quality building at a great price.”

Fiberlay is a wholesale/retail distributor of fiberglass supplies, including epoxy and polyester resins, casting and molding supplies and composite materials.

The purchase entity, Orca Composites LLC, mortgaged the property to Gateway Bank of Southwest Florida for $1.32 million.