The Real Deal Miami

Sarasota medical building released for $16 million

Brokerage firm TC Group, LLC, handled the sale of the 48,201-square-foot plaza

June 12, 2016 03:15PM

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The 1250 Medical Plaza in Sarasota

The 1250 Medical Plaza in Sarasota

Commercial real estate brokerage TC Group, LLC, announced the off-market sale of a Class A medical building in Sarasota for $16 million.

TC Group principal Christopher Deveso  handled the sale of the 1250 Medical Plaza building, which has a 95 percent occupancy rate.

The 48,201-square-foot building is about 10 years old and originally was sold as medical condominium units.

“By assisting the seller in the lease-up of the property before the sale, as well as being able to acquire all individual condo units and close the property fee simple, there was an immediate and significant added value for both seller and buyer,” Deveso said in a press release. “This was an extremely complicated transaction, but in the end, everyone walked away happy.”

Sarasota-based TC Group also operates in Naples, Tampa, Orlando and other urban markets in central and southwest Florida.