Symphony Salvage sells Sarasota building for $3.5 million

The Sarasota property long the home of Symphony Salvage has sold.

The flex industrial building, which is 11,632 square feet and sits on 1.82 acres, was bought by a Myakka City LLC named the Keel Property Group.

Sarasota County property records show that Keel paid $3.5 million and, according to other public records, took a $3 million mortgage on the property.

That mortgage is held by an LLC belonging to the owners of Symphony Salvage.

Chris DiBitetto, managing broker for the commercial real estate firm ERES Cos., says Symphony Salvage built the building at 6289 Tower Lane in 2020 and sold it because it needed more space.

Symphony Salvage, which is a go-between for nonprofits and wholesale textile buyers, according to its Facebook profile, moved into a leased building nearly twice the size in Lakewood Ranch.

A marketing flyer shows that along with warehouse space, the Tower Lane property has four private offices, a conference room and reception area, as well as a new HVAC and fire suppression systems.

DiBitetto says the sale is a “high water mark” with the building selling for $300 per square foot, about $100 above the market, in 90 days.

“It just speaks to speak to the demand,” DiBietto says.

“We put that thing on the market two weeks before Christmas and my phone didn't stop ringing through the holidays. And then we were under contract in mid-January for a 30-day close. So it was, it was fast.”

Symphony Salvage paid $625,000 for the property in 2000 according to property records.