The Kentucky-based company acquires office/warehouse facility in opportunity zone
Sarasota, Fla. (March 8, 2023) – SVN Commercial Advisory Group in Sarasota, Fla., today announced the successful completion of a $5.025 million industrial property sale near downtown Sarasota. The single-tenant facility at 1074 N. Orange Ave. will serve as office and warehouse space for a company that makes GPS systems for electric carts.
Mike Migone, CCIM, a Senior Investment Advisor with SVN Commercial Advisory Group, represented the seller, E D B Family, LLC.
The 1.24-acre property is located in an opportunity zone. Part of a United States government program to bolster local economies, opportunity zones give investors tax incentives to buy real estate in areas that need some fresh economic growth and job creation.
Migone said the location is ideal for the building’s purpose.
“In addition to being part of an opportunity zone, this property is in a prime spot, only about a mile from the downtown area,” Migone said. “Having downtown amenities nearby is a big plus for a building with office employees. It should work out well for them.”
The building contains 31,566 square feet. Its sellers put the property on the market so they could purchase assets closer to their homes in Tennessee and Texas, Migone said.
The buyer is Lexington, Ky.-based Orange Sota, LLC, an entity owned by the Rouse Co. Occupying the property will be Club Car, a provider of GPS systems to golf carts and similar electric vehicles. In business for more than 60 years, the company based in Augusta, Ga., furnishes carts to major golfing events, including the PGA of America.
“We’re pleased to have this company operating here,” said Migone. “The buyer was highly motivated to make this investment because of all the growth going on in Florida and Sarasota. It’s all part of the boom this state is undergoing.”
A full-service commercial real estate brokerage firm, SVN Commercial Advisory Group works with large corporations, middle market businesses and individual entrepreneurial investors. The group provides advisory services for the sale, leasing and management of commercial properties. Advisors at SVN Commercial Advisory Group have deep experience working with many types of investment real estate. They serve the greater areas of Sarasota, Manatee and Charlotte counties. For more information on the SVN Commercial Advisory Group, visit suncoastsvn.com.