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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/

By Laura Finaldi


About SVN Commercial Advisory Group

SVN Commercial Advisory Group, is a full service commercial real estate brokerage firm. We offer advisory services for the sales, leasing, and management of commercial properties. Our Advisors provide creative solutions in order to help you achieve your goal.

SVN Commercial Advisory Group has a deep understanding and vast experience with a wide variety of aspects of all investment real estate. Our specialized teams can provide competent guidance to you, your clients or your investors. We have brokered, consulted, managed and provided a wide variety of real estate services across the country.