Tricera Capital Acquires Office Building in Sarasota, Florida for $35M

SARASOTA, FLA. — Tricera Capital has acquired a nine-story, Class A office building in downtown Sarasota known as BB&T Financial Center. The Miami-based real estate investment firm purchased the office building for $35 million. Tricera Capital partnered with private investor Alex Karakhanian and Fort Lauderdale, Fla.-based investment firm Merrimac Ventures on the acquisition. The seller was private real estate investor George Spector.

BB&T Financial Center is located at 1800 Second St. The 550,000-square-foot building spans across two towers and features 500 covered parking spaces. Originally developed in the 1980s, the building underwent more than $1 million in capital improvements over the past three years, including upgrades to the roof, lobby and elevator systems. The property spans an entire city block between Links and North Osprey avenues. The building was approximately 70 percent occupied at the time of sale.

Douglas Mandel of Institutional Property Advisors, a division of Marcus & Millichap, marketed BB&T Financial Center for sale. Scott Wadler of Berkadia’s Miami office arranged acquisition financing through Prime Finance.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties