JLL closes $45.2M sale of Gateway Professional Center
Four-building Class A office complex in Sarasota, Florida
MIAMI, September 4, 2019 – JLL announced today that it has closed the $45.2 million sale of Gateway Professional Center, a four-building, Class A office complex totaling 246,941 square feet in Sarasota, Florida.
JLL represented the seller, TerraCap Management LLC, and procured the buyer, Taurus Investment Holdings.
Gateway Professional Center comprises four buildings located at 301, 401, 501 and 551 N Cattlemen Road in Sarasota. The properties have visibility and frontage along Interstate 75, one of Florida’s major north-south arteries and are proximate to many of Sarasota’s key business drivers and major attractions, including Downtown Sarasota, The Mall at University Town Center, Lakewood Ranch, Lido Key Beach and the Sarasota-Bradenton International Airport. Overall, Gateway Professional Center is 95.1% leased to a diverse tenancy comprising accounting, insurance, engineering and technology companies. The Class A office complex offers a highly coveted amenity package, including adjacent restaurants, a fitness center and a conference center, in addition to parking for more than 1,150 vehicles.
The JLL Capital Markets team representing the seller was led by Senior Director Ike Ojala, Senior Managing Director Hermen Rodriguez and Director Matthew McCormack.
“This was a well-timed, deep value, off market transaction that has performed quite well for our investors in Fund III,” said W. Stephen Hagenbuckle, Founder and Managing Partner of TerraCap. “The TerraCap asset management team led by Albert Livingston and Chris Thompson along with solid leasing efforts in recent years has created great long-term stabilized income for the buyer of this Class A office campus in booming Sarasota. The entire process has been quite rewarding on many fronts.”
“Gateway Professional Center is a fully-amenitized, institutional-quality asset in Sarasota, a high-demographic rapidly growing market, which attracted numerous bids from national investors,” Ojala said. “The I-75 location provides exceptional accessibility throughout the region and active residential, hotel and retail development in the surrounding area is further adding to the strong amenity base”
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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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About TerraCap Management, LLC
TerraCap Management, LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand. The investment manager has been in operation since 2008 with offices located in Estero, Florida, Tampa, Florida, and the Atlanta, Georgia, metro area. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. More information about TerraCap Management is available at terracapmgmt.com.
About Taurus Investment Holdings, LLC
Founded in 1976 and headquartered in Boston, Taurus Investment Holdings is a global investor, developer, owner, and operator of real estate with operations in 15 markets and four continents. Since inception, Taurus has purchased and sold more than 40 million square feet of industrial, residential, office, retail, and other commercial real estate assets throughout the world, with a total acquisition value of over $6.5 billion.