The Real Deal Miami

Sarasota office building hits the market without an asking price

Kane Plaza has 77,089 square feet and a four-level, 243-space parking garage
February 11, 2018 12:00PM

Kane Plaza office building in Sarasota – (Credit: Sarasota Herald-Tribune)

The owner of a 10-story office building in downtown Sarasota listed the property for sale without an asking price.

The building, called Kane Plaza, has 77,089 square feet of space and a four-level parking garage with 243 spaces.

Built in 2000, Kane Plaza is the tallest office building on the east side of downtown Sarasota.

The building, located at 1 South School Avenue, has direct frontage on signage on Fruitville Road, the primary east-west arterial road in Sarasota.

Its location is less than a five-minute drive from Interstate 75, U.S. Highway 301 and Sarasota’s central business district.

Several real estate developments on nearby sites are under way, which could boost demand for office space. These developments near Kane Plaza would encompass more than 10,000 square feet of commercial space plus 615 apartments and 37 townhouses with prices starting at $500,000.

The exclusive advisor for the sale of Kane Plaza is Institutional Property Advisors, a division of real estate brokerage firm Marcus & Millichap.

The owner of Kane Plaza, a company called TerraCap, decided against listing the property with an asking price, so “the price is open bid,” Marcus & Millichap said in a press release.

Douglas K. Mandel, senior managing director, and Nicholas Hansen, senior associate, are representing TerraCap. – Mike Seemuth