Lakewood Ranch office building sells for more than $5 million

LAKEWOOD RANCH — The Lakewood Heart office building in Sarasota has sold for $5.35 million.

The building, at 6771 Professional Parkway, was bought by a local investor.

According to a statement announcing the sale, the buyer is LWR Offices LLC. The LLC, according to the Florida Division of Corporations, is tied to Shattuck Properties in Sarasota. The company owns and has owned properties throughout the area and in Minnesota.

The 21,553-square-foot office building, with tenants that include The Center for Skin Wellness and Brain and Body Chiropractic, had been owned by Kingdom Development LWR.

When Kingdom bought it April 2020 for $3.4 million, occupancy was at 94% and rental rates were below market value, says Jag Grewal of Ian Black Real Estate. Grewal represented both the buyer and the seller.

Kingdom Development made improvements to the property, upgrading common areas, resurfacing the parking lot and installing a new HVAC system and the building is now 100% filled.

“This property is a classic example of how repositioning an underperforming asset and stabilizing the existing income to provide a steady long-term income can yield a profit for sellers in today’s market,” Grewal says in the statement.

The building overlooks a lake and is a mile from Lakewood Ranch Hospital.