Buligo Capital buys Sarasota Industrial Business Center for $27.4 million

Buligo Capital, a global real estate investment firm, has purchased Sarasota Industrial Business Center for $27.4 million. The portfolio is located 2 miles east of Sarasota Bradenton International Airport in Sarasota and includes five industrial parcels totaling over 186,650-square-feet of shallow-bay industrial space, as well as 1.12 acres of industrial outdoor storage and laydown yard.

The property is located at 2387, 2363, 2383, 2202, 2230 and 2325 Industrial Blvd. in Sarasota and has direct access to U.S. 301 and Interstate 75. Nick DeVito II, SIOR, and Brie Tulp, RPA, SIOR, of Ian Black Real Estate represented the seller, GBA Holdings, a joint venture of Biscayne Atlantic and Genet Property Group, and procured a buyer through a targeted off-market listing.

“It was not our intention to sell, but the Ian Black Real Estate team accessed an exceptional buyer and we were able to see an impressive return for our investors,” said David Garfinkle, principal, Biscayne Atlantic.

Biscayne Atlantic purchased the property in 2023 and spent more than $1.3 million making capital improvements to enhance the property and increase tenancy. The space was 85% occupied at the time of sale with tenants committed to multi-year leases.

“It’s not often that a portfolio of this size is sold in Sarasota and Manatee counties,” said DeVito II, partner at Ian Black Real Estate. “The market has a less than three percent vacancy rate for industrial product, with a strong tenant demand, which made this a great opportunity for an investor to acquire this type of property in one of Florida’s fastest growing tertiary markets.”

Buligo Capital also owns a 119,204-square-foot industrial space in nearby North Venice. The company acquired the the property, which is the former Tervis headquarters located at 201 Triple Diamond Blvd., for $15.35 million in 2023.

About Ian Black Real Estate

Ian Black Real Estate (IBRE) is a boutique commercial real estate services firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

About Society of Industrial and Office REALTORS® (SIOR)

SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com.