fbpx Commercial Real Estate Services & Property Management | SVN Commercial Advisory Group

By Laura Finaldi

One of Sarasota’s most recognizable downtown office buildings has been sold to a Miami firm for $35 million.

The nine-story, 550,000-square-foot BB&T Financial Center at 1800 Second St. in Sarasota was purchased by Tricera Capital of Miami. The sale, which closed Thursday, is the first move into the Sarasota market for Tricera, which has properties in the Tampa/St. Petersburg area.

The Herald-Tribune reported the BB&T building was for sale last summer. The seller was George Spector, whose father, Ronald, completed the building’s construction in 1986, according to Herald-Tribune archives. Over the past three years, it has undergone more than $1 million in capital improvements, including upgrades to the roof, lobby and elevator systems, according to Tricera. …

… Matt Christian, managing director of SVN Commercial Advisory Group in Sarasota, said that Tricera’s purchase shows a strong level of confidence in the future potential for office space downtown.

“There is lots of talk about the fleeing office environment due to COVID-19, but when you have a market with little existing Class A inventory and low historical new construction, good investment opportunities like this one make a lot of sense to me,” Christian said. “The $35 million question is: How quickly can they get occupancy to an acceptable level? Every day, I am talking with more and more business owners relocating from the northeast, so I’m hopeful they will do well in Sarasota.”

Read more: https://www.heraldtribune.com/story/business/real-estate/2021/01/29/bb-t-building-downtown-sarasota-sold-35-million/4309092001/

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