Xenia Management Corporation, a Clearwater-based real estate management services firm operating throughout the Southeast, has purchased an 11.45-acre mixed-use property at 5520-5540 State Road 64 E in Bradenton for $11.1 million.
The property, Morgan Johnson Commerce Park, is a two-building Class A business park with 40,184 square feet and excess land approved for up to 37,000 square feet of additional mixed-use development. Based on existing square footage, the sales price translated to approximately $276 per square foot.
Paul Carr, Todd Tolbert and Lori Hellstrom of Colliers represented the seller, Morgan Johnson Commerce Park, LLC, a privately held investment group affiliated with New Market Strategies, LLC of Stuart, Fla., in the transaction. The buyer was self-represented.
Built in 2009 and expanded in 2012, Morgan Johnson Commerce Park features a single-story medical office building and a two-story office building, which are 100% leased to four tenants. Two departments of the U.S. government (Veteran’s Affairs and Social Security Administration) comprise 72% of the property’s existing square footage.
“Given the dynamics of the location, stabilized income stream and development upside potential, the property generated significant interest and multiple competitive offers,” said Paul Carr, Executive Managing Director, Investment Services for Colliers. “It was a great fit for this buyer because it further grows their portfolio of U.S. government-occupied properties while satisfying a 1031-exchange requirement.”
Xenia Management Corporation owns and manages over 1 million square feet of commercial space throughout the Southeast. The firm is a preferred developer for the U.S. General Services Administration (GSA) and specializes in working with government agencies, as well as private office, retail, industrial and healthcare entities.
The property sits along S.R. 64, less than a mile from Interstate 75, offering easy accessibility for employees and consumers in the surrounding MSA. It also features a notably high surface parking ratio of approximately 7.2 spaces per 1,000 square feet.
“In addition to the strength of the long-term tenants already in place, the park’s undeveloped parcels offer a competitive advantage to meet almost all tenant demand in the market for well-located office, medical and/or high-traffic retail space,” Carr said.
Source: Florida Trend