September 4, 2019 – JLL announced today that it has closed the $45.2 million sale of Gateway Professional Center, a four-building, Class A office complex totaling 246,941 square feet in Sarasota, Florida.
Gateway Professional Center comprises four buildings located at 301, 401, 501 and 551 N Cattlemen Road in Sarasota. The properties have visibility and frontage along Interstate 75, one of Florida’s major north-south arteries and are proximate to many of Sarasota’s key business drivers and major attractions, including Downtown Sarasota, The Mall at University Town Center, Lakewood Ranch, Lido Key Beach and the Sarasota-Bradenton International Airport. Overall, Gateway Professional Center is 95.1% leased to a diverse tenancy comprising accounting, insurance, engineering and technology companies. The Class A office complex offers a highly coveted amenity package, including adjacent restaurants, a fitness center and a conference center, in addition to parking for more than 1,150 vehicles.
The JLL Capital Markets team representing the seller was led by Senior Director Ike Ojala, Senior Managing Director Hermen Rodriguez and Director Matthew McCormack.
“This was a well-timed, deep value, off market transaction that has performed quite well for our investors in Fund III,” said W. Stephen Hagenbuckle, Founder and Managing Partner of TerraCap. “The TerraCap asset management team led by Albert Livingston and Chris Thompson along with solid leasing efforts in recent years has created great long-term stabilized income for the buyer of this Class A office campus in booming Sarasota. The entire process has been quite rewarding on many fronts.”
“Gateway Professional Center is a fully-amenitized, institutional-quality asset in Sarasota, a high-demographic rapidly growing market, which attracted numerous bids from national investors,” Ojala said. “The I-75 location provides exceptional accessibility throughout the region and active residential, hotel and retail development in the surrounding area is further adding to the strong amenity base”