JLL arranges sale, financing for Sarasota City Center
The two-tower office asset is in downtown Sarasota
MIAMI, March 2, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged financing for the acquisition and repositioning of Sarasota City Center, a Class A, two-building office property totaling 247,947 square feet in downtown Sarasota, Florida.
JLL marketed the property on behalf of the seller, The Dilweg Companies. Feldman Equities purchased the asset. Additionally, JLL worked on behalf of the new owner to place a loan with NXT Capital. Proceeds funded the acquisition and will be used by the borrower to substantially upgrade the asset.
Sarasota City Center comprises the 13-story North Tower and the three-story South Tower along with a six-story parking garage that houses 611 parking stalls. The property features floor-to-ceiling green reflective glass, a tenant lounge, on-site restaurant, fitness center, hair salon and spa, shoe repair, bank with drive thru and ATM and landscaped courtyard with tables and chairs. The 82%-leased property was completed in 1989 and most recently renovated in 2018. Sarasota City Center is situated in the heart of downtown Sarasota at 1819 Main Street and along downtown’s primary east-west artery. The property is within walking distance to an abundance of amenities, including retail, government offices and courthouses, recreation and food and beverage outlets. Additionally, Sarasota-Bradenton International Airport is less than five miles away.
The JLL Capital Markets team representing the seller included Senior Managing Director Hermen Rodriguez, Senior Director Ike Ojala and Director Matthew McCormack.
“The greater Tampa Bay area is in high demand by astute investors, eager to cater to the affluent well-educated population that continues to move to this outstanding region,” Rodriguez said.
The JLL Capital Markets debt placement team was led by Managing Director Bryan Clark and Analyst Daniel Pinkus.
“We had tremendous interest from lenders due to the value-add profile of the opportunity and best-in-class sponsorship,” Clark added. “Sarasota City Center checked a lot of boxes for lenders seeking high-quality, value-add opportunities with great Sponsorship. We are extremely grateful to Feldman Equites for entrusting JLL with this financing assignment, which is the ninth transaction JLL has completed with Feldman to date.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.
About Feldman Equities
Over the past 30 years, Feldman Equities has developed or acquired over eleven million square feet of office and retail properties with an aggregate value in excess of $3 billion. Feldman is a “re-inventor” of the office building and specializes in turning around distressed office assets. Feldman Equities and its partners own and manage 2.3 million square feet of office space in the Tampa Bay area. www.feldmanequities.com