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IPA Tapped to Sell 546K-SF Office Asset in Sarasota
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been tapped to sell the BB&T Financial Center, a 546,000-square-foot office property in Downtown Sarasota.
Built in 1986, the property consists of two, nine-story towers and covered parking located across an entire city block. The brick building is one block north of Main Street in Sarasota’s central business district. Douglas Mandel and Jaclyn Blair of Marcus & Millichap’s Tampa office are representing the seller. The sales price is an open bid.
“The property has not been sold since it was developed in 1986,” said Mandel. “It’s unique in that it was designed as a boutique-style building despite having over 235,000 square feet of net-rentable office space. The 85 office suites have their own restrooms, kitchenettes and independent HVAC systems and are not dependent on common areas, a feature that has long appealed to the professional tenant sector. In the current environment, this is especially attractive to all tenants.”
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