Benderson Development Acquires Office Property For $25M In Sarasota
SOLD
$25,000,000
+ 1
Florida
See Similar DealsOffice158,149 SF
Sold 12/30/2021
SOLD
Benderson Development Acquires Office Property For $25M In Sarasota
1660 Ringling Boulevard, Sarasota, FL 34236
See Similar DealsOffice158,149 SF
Sold 12/30/2021
+ 1
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$158
Total Square Footage:158,149 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05
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