South Florida buyer pays $14.9M for 12-story office building in Bradenton
A South Florida company bought a 12-story office building in downtown Bradenton for $14.95 million.
Hollywood-based Savlan Capital paid $127.95 per square foot for Bradenton Financial Center, which was 90 percent leased when the transaction closed.
Tenants of the 33-year-old office building include Bank of America, Merrill Lynch and Morgan Stanley. The Sage Biscuit Café occupies ground-floor space. The property includes a five-story parking garage next to the office building; the two structures are connected by a sky bridge.
Bradenton Financial Center was built in 1986 on a 1.18-acre site at 1401 West Manatee Avenue, within walking distance of Bradenton City Hall, the Manatee County Courthouse, the Manatee County Government Center and Bradenton Riverwalk.
Salvan Capital plans significant investments in common-area upgrades and renovations to the exterior of the 12-story Bradenton Financial Center, the tallest building in Bradenton.
The Hollywood-based company retained Debra Cooper and Angela Varga of SVN Commercial Advisory Group as leasing agents for Bradenton Financial Center.
The 116,839-square-foot office building is the eighth asset Savlan Capital has added to its commercial real estate portfolio, which includes rental housing, business parks and office properties in Florida and Texas.
The Cushman & Wakefield Capital Markets team of Rick Brugge, Mike Davis and Rick Colon represented both Savlan Capital and BFC Bradenton, LLC, the seller of the office building. – Mike Seemuth
Source: The Real Deal