Office building in downtown Sarasota sells for $16.35M

The sale price for the 10-story, 77,089-square-foot building equated to approximately $211 per square foot

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

A 10-story office building in downtown Sarasota sold for $16.35 million, or about $211 per square foot.

The 77,089-square-foot office building, called Kane Plaza, was built in 2000 at 1 South School Avenue in Sarasota.

Kane Plaza, located near Interstate 75 and South Highway 301, is the tallest office building on the east side of downtown Sarasota.

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“Sarasota’s office market is in expansion mode,” Douglas Mandel, senior managing director of the Institutional Property Advisors Division of Marcus & Millichap said in a prepared statement. “Employment growth is strong, vacancy is decreasing, and rents are on the rise.”

Mandel and Nicholas Hanson, a senior associate of Marcus & Millichap, represented TerraCap Management LLC of Bonita Springs in its sale of Kane Plaza. TerraCap bought the office building from its original developers in 2014.

Mandel and Hanson also procured the buyer, JLK Global Fund U.S. 2 Inc. – Mike Seemuth