Osprey sheds Sarasota County business park

Continuing a push to whittle down its portfolio amid squabbles between partners, Michigan-based Osprey SA Ltd. sold a 19-acre business park in North Sarasota County for $4 million.

The investment firm paid $4.2 million for the roughly 204,000-square-foot, flex Independence Business Center in 2009. The property, which is more than 50% vacant, was purchased by a Sarasota investment group after more than a year on the market. It was originally listed for sale at $10 million.

The property was developed in 1990 and renovated 13 years later.

“It was an asset that they wanted to sell, and it's an older industrial property,” says Steve Horn, a partner in commercial brokerage Ian Black Real Estate, which together with Cushman & Wakefield represented Osprey in the sale. Ian Black's Nick DeVito represented the buyer in the transaction.

Osprey has been dismantling its regional portfolio during the past two years. In Sarasota, it controls the 13-story Sarasota City Center and the Live Oak Business Center, Cattleridge Corporate Center and Osprey Commerce Center, among other assets.

In Tampa and St. Petersburg, its holdings include the Westlake Corporate Center I and II, Palm Court at Hidden River, Lakeview at Hidden River and Tampa Oaks I offices.

In addition to Independence, Osprey sold the 17-story First Central Tower in downtown St. Petersburg for $29.1 million and another downtown parcel now slated for apartments.

Commercial brokerage firm Holliday Fenoglio Fowler LP is marketing many of the Osprey properties for sale, according to offering packages being circulated.