New Jersey real estate firm buys industrial park in Sarasota
The Silverman Group, a New Jersey-based real estate firm, has acquired a small-bay industrial park in Sarasota for $30.4 million.
The firm purchased the eight buildings totaling 186,675 square feet known as Airport Commerce Center at 7602 15th St. E from New York-based Sound Capital. Cushman & Wakefield represented Sound Capital, which acquired the property in 2017 for $10.4 million. The Silverman Group purchased the property for $30.4 million, according to Manatee County records.
Airport Commerce Center, across from the Sarasota-Bradenton International Airport, is fully leased to a roster of 48 tenants, according to Cushman & Wakefield. The industrial park has 16- to 20-foot clear heights and 74 grade-level doors. Suite sizes range from 1,177 to 12,283 square feet.
“Airport Commerce Center offered investors the rare chance to acquire scale in a high-barrier-to-entry and high-growth market at a significant discount to replacement cost,” Cushman & Wakefield Vice Chair Rick Brugge said in a release. “What’s more, its proven performance, consistent tenant demand and compelling upside through mark-to-market revenue growth further enhanced this opportunity.”
The Silverman Group family of companies operates as owners, investors, developers and managers of real estate throughout the country with corporate offices in Basking Ridge, New Jersey. The firm owns several commercial real estate assets nationwide, with industrial assets in 16 states.
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