Southwest Florida NNN & Value-Add Office Investment Opportunity

Office for Sale
Catylist Listing ID: 30801126
Property Subtypes: Business Park, Net Leased, Office Building
Building Size (RSF): 20,806 SF
Gross Land Area: 3.70 Acres
Sale Price: $3,325,000
Unit Price: $159.81 PSF
Property Use Type: Net Leased Investment (NNN)
Class of Space: Class B
Usable Size (USF): 20,806 SF
Sale Terms: Undisclosed
Average Occupancy Rate: 100
Last Updated: 5/4/2023

Overview / Comments

Beautiful, single-tenant 20,806 +/- square foot office building on 3.7 +/- acres in a park-like setting within Wildewood Professional Park. Wildewood is a premier 12-building office park that stays well above 95% occupancy. National Credit, publicly-traded Tenant (NASDAQ) VERISK has been located here for eight years. The current lease term goes until September 2025 with one five-year renewal option. At the renewal the rents are adjusted to market rate providing huge upside as current rent is 25% below market in this very tight office market with less than 5% vacancy! So while this is a great NNN investment currently, it is also value-add with the increasing rents either with the current tenant or new future tenant.

Wildewood Office Park is very centrally located on the Cortez Road commercial corridor with easy access to downtown Bradenton, downtown Sarasota, I-75, Lakewood Ranch and the beaches of Anna Maria Island. This is a freestanding, NNN leased building sitting on it's own 3.7 +/- acre parcel with cross access and cross parking easements with the other buildings within Wildewood. The building has recently been painted, re-landscaped, and the parking lot has been replaced.

Current Tenants

Tenant Business Name Verisk
Is Renting? Yes
Annual Revenue $249,672 (Annual)
SF of Space Occupied 20,806 SF
Lease Expiration 8/2025

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Tax ID/APN: 5182800507
Zoning: PD-C
Property Located Between: Wildewood Springs Blvd and 34th St W
Property Visibility: Excellent
Highway Access: US 301
Airports: Sarasota- Bradenton international Airport
Area Description: Bradenton is a city located within Manatee County on Florida's Gulf Coast at the south end of Tampa Bay. It sits on the banks of the Manatee River where it meets the Gulf of Mexico, south of Tampa and St. Petersburg, and north of Sarasota, Ft. Myers and Naples. Bradenton is home to the Village of the Arts, the Bradenton Blues Festival, IMG Academy Elite Sport Training Facility, and LECOM Park, the spring training home of the Pittsburgh Pirates. The beautiful beaches of Anna Maria Island form the western border along the Gulf of Mexico, and Lakewood Ranch, one of the fastest selling master planned communities in the United States, borders to the east. Many nationally recognized companies call the Bradenton area home or have major facilities here. These include Tropicana Products (PepsiCo), Air Products & Chemicals, Beall's Department Stores, Chris-Craft Boats, Yellowfin Yachts, Feld Entertainment (Ringling Brothers Circus), Sunz Holdings, Sun Hydraulics, Sysco West Coast, and Pierce Manufacturing. This investment offering is one of twelve professional office buildings, situated on almost 13 Acres, in a project called Wildewood Professional Park located on the very busy Cortez Road corridor in Bradenton. Cortez Road is one of the three major east-west roadways in the County. Wildewood is positioned well within a myriad of retail opportunities including Hobby Lobby, Publix, Walmart, Culvers, McDonalds, Dunkin', and Taco Bell. Downtown Bradenton is a short drive north while downtown Sarasota is around 20 minutes to the south just past the Sarasota-Bradenton International Airport. For transportation this area is serviced by the Sarasota-Bradenton International Airport, one of the fastest growing airports in the United States, which is 15 minutes south of Wildewood, Also there is Tampa International Airport approximately 45 minutes north, and the St. Petersburg-Clearwater International Airport also approximately 45 minutes to the north. SeaPort Manatee is twenty minutes to the north at the north end of Manatee County. It is the closest U.S. deepwater seaport to the Panama Canal, serving bulk, breakbulk, container, heavy lift, project and general cargo customers.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 20,806 SF
Year Built: 1986
Lot Frontage: 130
Lot Depth: 214.6

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,764 105,856 173,965
Median Age: 44.19 45.02 44.18
Households: 6,857 47,293 74,046
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