Benderson Development Acquires Office Property For $25M In Sarasota
1660 Ringling Boulevard, Sarasota, FL 34236
$25,000,000
$158/SF
Building Size
158,149 SF
Asset Type
Office
Closing
Dec 30, 2021
About this deal
AI
An office property located at 1660 Ringling Blvd in Sarasota has been sold for $25,000,000. The property spans 5.25 acres and has a total square footage of 158,149. The sale price per square foot is approximately $158.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $25,000,000
- Address: 1660 Ringling Blvd
- Market: Sarasota
- Acreage: 5.25 acres
The buyer of the property is Benderson Development. The deal was facilitated by brokers Paul Carr, Todd Tolbert, Ken Krasnow, and Brooke Berkowitz from Colliers.
On the Map
$25,000,000
$158/SF
Office
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Players
Sarasota Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93