Sarasota, Fla. (Feb. 1, 2021) – Berkadia announces it has arranged $28.5 million in financing for the $35.1 million acquisition of BB&T Financial Center, a two-tower, nine-story Class B office building in Downtown Sarasota. Managing Director Scott Wadler of Berkadia’s Miami office and Associate Director Alec Fox of Berkadia’s Orlando office secured the loan on behalf of Tricera Capital, a real estate investment firm based in Miami.
Prime Finance originated the three year bridge facility for the initial acquisition and future funding for lease-up and property upgrades.
“Tricera will bring an institutional mindset and upgraded approach to an otherwise historically local market and asset,” said Wadler. The building is one of the most recognizable assets in the rapidly growing Downtown Sarasota submarket and is surrounded by new residential development.
Built in 1985 by the same seller, the BB&T Financial Center is located at 1800 2nd Street. Consisting of two nine-story towers currently at 69% occupancy with a tenant mix of financial, legal and other professionals, the asset features 235,720 square feet of rentable space with a total gross area of approximately 546,000 square feet. Featuring an open-air atrium and private restrooms in each suite, the property is well-designed for distanced working in a post-COVID environment.
Situated just one block north of Main Street in the city’s central business district, the property is less than five minutes away from N Tamiami Trail and offers convenient access throughout the metro area, with Sarasota-Bradenton International Airport only about 10 minutes away from the asset.