Diamond Creek Holding Series 16 LLC, an out-of-state investor, purchased an industrial property at 8293 Consumer Court in Sarasota for $1.79 million. From offer to closing, the sale took an unusually short 10 days.
Florida CCIM Chapter’s West Coast District Members Steve Horn and Melissa Harris were on the team that included Ian Black, CCIM, Steve Horn, CCIM, and Melissa Harris. The team from Ian Black Real Estate facilitated the transaction. The seller was 4OHIO LLP.
The 24,050-square-foot property on 2.31 acres in the Sarasota International Trade Center is 100 percent occupied by Interior Logic Group. With a long-term lease in place, an attractive capitalization rate of 8, limited landlord obligations and a prime location, the property sold in an all-cash transaction.
“The speed and ease with which this sale occurred was a rarity on our industry,” said Black, partner and founder of Ian Black Real Estate. “We had good particulars and a responsible seller and buyer who both had one goal in mind – to close the deal. When everyone is working toward that, things can go very smoothly.”
Black estimates it typically takes an average of 90-120 days from offer to close on an industrial property in the Sarasota-Manatee market.
“We had already done the due diligence after we took the listing, had clean environmental studies and we knew the market and priced it accordingly,” said Black. “Given those details and the others, all the stars aligned to make this transaction move quickly.”