Local investor purchases Lakewood Heart Office Building for $5.35 million
By Post
Tampa Bay Newswire
Published: Mar 7, 2022

SARASOTA, Fla. (March 7, 2022) – LWR Offices, LLC, a local investor with an existing commercial real estate portfolio in the Sarasota market, has purchased Lakewood Heart Office Building, a 21,553-square-foot Class-A office building in Sarasota, for $5.35 million. The property, located at 6771 Professional Parkway, previously traded hands in April 2020 for $3.4 million.

Jag Grewal, CCIM, SIOR, of Ian Black Real Estate, represented both parties in the transaction. The seller was Kingdom Development LWR.

“This property is a classic example of how repositioning an underperforming asset and stabilizing the existing income to provide a steady long-term income can yield a profit for sellers in today’s market,” said Grewal, partner at Ian Black Real Estate. “The timing was perfect for the buyer, who was looking to reinvest in the market.”

When Kingdom Development LWR purchased the property in 2020, occupancy was at 94% with rental rates below market value. The owners completed several improvements to the building, including upgrades to common areas, new HVAC, landscaping and resurfacing the parking lot.

Grewal also worked to lease the remaining vacancies and update rental rates to current market value. The property is now 100% occupied by local businesses, including The Center for Skin Wellness, and Brain and Body Chiropractic.

“This property was incredibly attractive to the buyer because it offers a stable long-term income in a desirable office market,” said Grewal. “Currently, office vacancy in Lakewood Ranch is around 5% thanks to its proximity to I-75 and local housing. It’s a much different picture in downtown, and investors are jumping at the opportunity to own in this market.”

Lakewood Heart Office Building is located less than 1 mile from Lakewood Ranch Hospital. The property overlooks a lake and has ample parking for tenants.