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Benderson Development acquires Sarasota County office building for $25 million

Benderson Development

Colliers facilitates transaction of 158,149-square-foot property to locally based developer

Sarasota-based Benderson Development has acquired Sarasota County’s administration building at 1660 Ringling Blvd. in downtown Sarasota for $25 million.

Paul Carr, Todd Tolbert, Ken Krasnow and Brooke Berkowitz of Colliers facilitated the transaction of the 158,149-square-foot office property.

“This property offered Benderson the ability to expand on their already massive presence in Sarasota County, which includes multiple real estate product types. As one of the more prominent developers in the region, Benderson’s ability to own and control the potential future redevelopment of over 5.25 acres in downtown Sarasota was very attractive.”

Paul Carr, Executive Managing Director, Investment Services, Colliers

Benderson Development’s portfolio includes over 45 million square feet of commercial real estate in 40 states.

The deal allows the county to lease back the space in the building for another four years.

“While we had a tremendous amount of investor and developer interest from all over the country and from prospects specializing in many different product types, the key was finding a buyer who was willing to close on the property as is,” Carr said.

According to Carr, the property sits in one of the most desirable downtown submarkets on Florida’s west coast. Benderson’s acquiring this property, especially without redevelopment plans guaranteed prior to closing, aligns with a current trend in the commercial real estate market.

“The popular saying ‘they are not making any more land’ is very true, especially for more urban core settings,” Carr said. “That means redevelopment of functionally obsolete buildings or corporate surplus properties that sit on attractive land parcels are really going to be the primary avenue for developers and investors to see their visions come to fruition.”

Sarasota County has not yet finalized relocation plans for its administrative offices. However, county leaders have discussed moving to county-owned land on Cattleman Road in northern Sarasota County, which would be more centrally located for citizens of the county and some other county facilities.

The Sarasota County Commission voted unanimously in October to add the new administration center project to the county’s Capital Improvement Program, which is a multi-year plan for renovations and major infrastructure projects. The county tentatively plans to finish construction of the building in the fall of 2025.


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Paul Carr

Executive Managing Director, Investment Services

Tampa

Paul is a 18-year capital markets veteran with substantial transaction experience in multiple product types. Over his career, Paul has been directly involved in sales totaling over $2.5 billion, which includes over 15 million square feet and $1.6 billion of office and industrial sales throughout Florida. Paul has spent the vast majority of his professional career representing both local and national private, institutional and corporate clients in the acquisition, disposition and analysis of office and industrial investment properties.

Based in Tampa, Paul started his career with the real estate investment banking firm Northmarq Capital. Paul has specifically focused on investment sales since 2004 and has been a member of the capital markets group for a handful of prominent real estate companies, including Trammell Crow Company, CBRE, Cassidy Turley, DTZ, and Cushman & Wakefield. Paul joined Colliers  at the end of 2019 to focus on office investment sales up and down the West Coast of Florida.

Paul and his team have worked on numerous complex transactions outside of traditional investment sales, including sale leasebacks, redevelopment plays, and adaptive reuse transactions on a variety of property types.  

 

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Todd Tolbert

Senior Associate, Investment Services

Tampa

Todd comes to Colliers with a wealth of knowledge and entrepreneurial spirit. During his successful real estate career, Todd has specialized in the execution of portfolio, single asset, and multi-tenant acquisitions and dispositions for institutional and private capital clients. His expertise is further augmented by the transaction management and advisory services he has provided to real estate owners, developers, and investors.   

Prior to his arrival at Colliers, Todd was at Cushman & Wakefield in Tampa from 2013-2020, specializing in single and multi-tenant investment sales.

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Ken Krasnow

Vice Chairman Institutional Investor Services

Miami

Ken Krasnow serves as Vice Chairman of Institutional Investor Services for the Florida region. In this role, he is responsible for broadening the company’s platform by developing key client relationships, leading major projects and transactions, maintaining senior real estate industry and political relationships and recruiting new talent. Ken brings more than 30 years of acclaimed expertise in the commercial real estate industry, offering an exceptional level of on-the-ground market knowledge. 

Since joining Colliers as Market Leader in 2015, Ken has overseen the tremendous growth of the business from less than two dozen professionals to more than 150 as of year end 2018 during which time the firm acquired high profile companies such as CREC, Pointe Group and MF&Co.  During that same period, revenues more than quadrupled while maintaining solid margins of profitability. 

Krasnow launched his career as a commercial leasing broker and was responsible for more than three million square feet of Class A office building agencies in New York City.  As the markets in Florida continue to rapidly evolve, I am proud to have a responsive approach to management, curating talent and specialties to help us always provide best-in-class service for our clients and community.

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Brooke Mosier

Director

Fort Lauderdale

As a Director in the Fort Lauderdale office of Colliers International South Florida, Brooke is spearheading our newly expanded specialty practice focused on public institutions. 

With nearly 10 years of public sector experience, her most recent role was serving as Acquisition & Relocation Agent for HDR concentrating on right of way projects in Miami-Dade, Broward and St. Lucie Counties.

Prior to that, Brooke was a member of the CBRE South Florida Occupier team, as an integral part of the City of Fort Lauderdale’s account management team which was responsible for the execution of the City of Fort Lauderdale’s strategic plan, including the evaluation, disposition, repurposing and management of the City’s leased and owned assets. She has also worked with the Public Institution Group representing Martin County and Riviera Beach Community Redevelopment Agency, in addition to four years working for the Florida Department of Transportation (FDOT) District 6.

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