Wildewood Professional Park

Highlights:

• 11-building office park across 10 separate parcels that can be broken up and sold individually.
• Value-Add opportunity with below market rents and conversion to net rental rates over time.
• Prime Cortez Road (44th Avenue) location with traffic counts exceeding 31,500 vehicles per day.
• Consistently strong occupancy, historically over 93%

Description:

SVN Commercial Advisory Group is very pleased to present the Wildewood Office Park for purchase. This beautiful, peaceful 11-building office park sits on 9.2 +/- Acres in central Bradenton, Florida between Lakewood Ranch and the Gulf beaches. The 11 buildings create 82,248 +/- Square Feet of professional and medical office space, in a park-like setting of mature oak trees.

The park consists of the front signature two-story office building located directly on heavily trafficked Cortez Road which is a major arterial roadway. It’s prominence, visibility and brick facade create the feeling that you have arrived at your office park. It has a two-story grand lobby area that has been recently refurbished and provides a gathering place and feeling of community.

The other ten office buildings in the park are all one-story, but carry through with the same brick and wood trim design as the signature building, and they range in size from 4,855 to 5,762 +/- square feet each. Having separate buildings with multiple entrances provide tenants with easy parking to their suite as well as their own outside entrance in most cases.

The front signature building as well as eight of the remining buildings all sit on their own parcel of land allowing them to be sold individually. Only two buildings; 3659 & 3661 Cortez Road share a parcel and would need to remain together. All of the owner’s association documents have been recently updated to provide for individual building sales if desired. The park features two pylon signs on Cortez Road for ample visibility and increased tenant attraction, as well as a source of additional income.

The current owners have have always completed needed maintenance in a timely manner including a recent new drive isle behind the signature building, and four of the smaller buildings receiving new roofs in the past two years. An active and professional third-party property manager and leasing team will provide a smooth transition upon closing.

This value-add property’s potential lies in the opportunity to continue renovating and updating buildings and increasing rents as tenants turn over. Having many small suite options, and a gross lease structure are very attractive to local small businesses, and these smaller units are always in demand. Another option is conversion to medical office spaces to serve the continued aging population, and physicians from the nearby Manatee Memorial Hospital and HCA Florida Blake Hospital.

Cortez Road, also known as 44th Avenue, is one of only three major east-west corridors in Bradenton offering easy transit from Lakewood Ranch east of Interstate 75 to Anna Maria Island’s award winning beaches. It has a daily traffic count of 31,500 cars per day which is expected to increase with the newly completed extension over I-75 and into Lakewood Ranch.

Rapid development in this area over the last few years has transitioned the West Bradenton Submarket into a well established and upscale area featuring a number of national retailers and high-end residential developments. Wildewood Professional Park is only two miles away from the nationally recognized IMG Academy sports training facility, and only 3 miles away from the incredible 1,200 acre mixed-use development of SeaFlower.

Draws to this area include the world-renowned Gulf Beaches of Anna Maria Island and Longboat Key, numerous Golf Courses including the Bradenton Country Club, and Sara Bay Country Club, Lecom Park the Spring Training home of the Pittsburgh Pirates, and incredible educational opportunities such as State College of Florida, and IMG Academy both nearby.

Florida remains one of the fastest-growing states in the U.S., with over 1,000 new residents per day. The state’s pro-business climate which includes no state income tax, ongoing infrastructure investments, rapid real estate expansion, and an enviable quality of life continues to attract both residents and businesses alike.

The city of Bradenton is located on Florida's beautiful West Coast on the Gulf of America about one hour south of Tampa. With a projected 6% population growth over the next five years, and a projected expansion between 15% to 27% over the next 6 years, the region is only going to continue it’s growth and development.

West Bradenton is a well-established, upscale area, home to the world-renowned beaches - Anna Maria Island with Holmes Beach, Bradenton Beach, Coquina Beach and Longboat Key. The surrounding area of the property has an average household income of over $67,000 with an average consumer spending of 2.1 Billion - making this a high valued investment for business and office investors.

Manatee County is an ideal spot for nature enthusiasts with attractions such as DeSoto National Memorial, Robinson Preserve, Lake Manatee State Park, Palma Sola Botanical Park, Neal Preserve, Perico Preserve, Rye Preserve, Terra Ceia Preserve State Park, and the Bradenton Riverwalk, to name a few. Other attractions bringing visitors each year include the Village of the Arts, the Bishop Museum of Science, LECOM Park (Spring Training home of the Pittsburgh Pirates), the Florida Railroad Museum and the Florida Maritime Museum.

Manatee County draws national attention each year through the highly esteemed IMG Academy, which services elite athletes from around the world.

---

Report Listing This listing was syndicated through:

Documents: