SARASOTA, Fla. (July 29, 2019) – Contract purchaser Galaxy Investments LLC has engaged Ian Black Real Estate to lease Sarasota 75, a flex/industrial project located at 100 Cattlemen Road in Sarasota. The project includes an existing high-bay industrial building with additional development of up to 800,000 square feet of high-end industrial space.
With direct access to Interstate 75 via Fruitville Road, the 46.5-acre property offers a unique opportunity for industrial users in greater Southwest Florida. The existing structure is 182,000 square feet of climate-controlled high-bay warehouse and office space. The site can ultimately accommodate up to an 800,000-square-foot big box structure or multiple buildings of approximately 160,000 square feet each.
Ultimate design will be dictated by demand. Additional development is expected to break ground later this year, with delivery at the end of 2020.
The property is zoned Industrial Light Warehouse (ILW), which is the most flexible zoning of its kind, allowing for a wide range of uses, including industrial, flex and retail. All new structures will be 28-feet to 32-feet clear with large trailer courts, ample loading and an abundance of parking. The modern structures will include glass storefronts on the tilt-up facade and will be easily divisible to accommodate multi-tenant uses.
“This property is very special, in that there’s maybe only one other industrial property with this much space available in our three-county area with this type of direct highway access to the surrounding markets, especially to Ft. Myers and Naples,” said Nick DeVito, SIOR, partner at Ian Black Real Estate, who will manage leasing for the property, along with sales associate Joanna Ginder. “This would be a great location for a fulfillment center, last-mile distribution facility, a manufacturer looking for high-volume capacity storage, or any type of logistics company. It also has a flex property sitting on Cattleman Road that would make a great location for a pseudo-office user who wants a corporate look or headquarters.”
Cambridge will serve as Galaxy Investments, LLC’s asset and development advisor throughout the project. The Cambridge team will work alongside the Ian Black Real Estate team in a joint effort to ensure the project’s success. Cambridge and its principals have over 100 years of collective experience and have successfully developed, leased and managed 30 million square feet of assets with transaction values in excess of $6.6 billion.