Charter School Capital buys Palmer Ranch school building

BUYER: AEP Charter Palmer Ranch LLC (chief financial officer: Brad Coburn), Portland, Ore.
SELLER: Meridian Business Center LLC
PROPERTY: 6220 McIntosh Road, Sarasota
PRICE: $10.2 million
PREVIOUS PRICE: $5 million, August 2006
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: Portland, Ore.-based Charter School Capital purchased the 54,314-square-foot Imagine Schools at Palmer Ranch charter school building for $10.2 million.

The price equated to $188 per square foot.

The seller, Meridian Development Group, constructed the two-story building in 2009 as part of the first phase of development of Meridian Business Center, a 90,000-square-foot, 13-acre business park.

It was built to suit for Imagine Schools, which has leased the building for the past about six years.

The two-story building contains 45 classrooms, six offices and other facilities including a media room, conference room, teachers' lounge, multi-purpose room and playground.