Transwestern Brokers Sale of 78,553 SF Value-Add Property
April 10, 2020
Bradenton, FLA. – Transwestern Real Estate Services (TRE) announces its Florida Investment Sales Team has executed the sale of Plaza Del Rio, a 78,553-square-foot office tower at 101 Riverfront Blvd. in downtown Bradenton, Florida. On behalf of the seller, Transwestern Managing Director John Bell facilitated the sale to Florida-based partnership 101 Riverfront LLC for $8.6 million, or $109 per square foot.
“We received robust domestic and international investor interest in this opportunity,” said Bell. “While value-add office product in Florida is in high demand, offerings like Plaza Del Rio that include a best-in-class asset in a phenomenal low-vacancy market, secure existing income from premier tenants and significant upside potential through lease-up are especially compelling.”
Built in 1986, the seven-story Plaza Del Rio office tower features ornate architecture with flexible floorplates, thoughtfully designed common areas, floor-to-ceiling windows and dramatic ocean views. The asset is 86% occupied by a diverse tenant roster of corporate, legal, finance, healthcare and personal service users, including human resources specialist CoAdvantage Corp. and national law firm Morgan & Morgan. The property is also subject to a ground lease.
“Plaza Del Rio is an iconic office landmark,” said Bell. “Companies are attracted to the tower’s exceptional building and neighborhood amenities, customizable tenant suites and its unmatched location at the core of Bradenton’s Central Business District.”
The signature property features an on-site restaurant and hair salon, as well as walkability to restaurants, retail, hospitality, luxury housing and Riverwalk Park. Plaza Del Rio is prominently positioned on Highway 41, at the gateway to downtown Bradenton, and central to both business and financial hubs and medical and government clusters. The 319-bed Manatee Memorial Hospital, which employs more than 550 physicians, healthcare professionals and staff, is directly across the street.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRE) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.