Transwestern Tapped to Sell Value-Add Office Tower via Online Auction
February 05, 2020
BRADENTON, FL – Transwestern Commercial Services (TCS) today announces it has been named the exclusive listing agency to sell Plaza Del Rio, the 78,553-square-foot, seven-story, landmark office tower at 101 Riverfront Blvd. in Bradenton, Florida. The high-profile waterfront property is listed on the Ten-X online auction website with a call for bids scheduled for Feb. 24-26, 2020. Transwestern Managing Director John Bell will facilitate the sale.
“Plaza Del Rio presents investors an opportunity to acquire a value-add asset with secure exsiting income in the form of a signature office tower at the gateway to Downtown Bradenton’s live/work/play neighborhood,” said Bell. “With long-term CMBS fixed-rate financing already available, the sale would be swift and one of the market’s most significant office transactions of the year.”
Office vacancy in Downtown Bradenton is at 6.2%, and market rents are surging to a 10-year high. Considering the favorable trends, coupled with the lease-up and rent increase opportunities Plaza Del Rio offers, Bell expects investor interest to be brisk.
“Downtown Bradenton is a dynamic and growing economic engine with active government and medical clusters, corporate headquarters of national retail brands, an expanding base of luxury apartments and hotels, and a growing entertainment and arts district,” continued Bell. “Amidst rising market rents, a new owner will be able to bring Plaza Del Rio’s occupancy to market by leasing its premier vacant space to synergistic office users seeking to benefit from the robust Central Business District activity.”
Plaza Del Rio is 84% occupied with a diversified and sustainable roster of corporate, legal, finance, and medical tenants pulling business from all over Florida’s Gulf Coast, from the North Port-Sarasota-Bradenton region to the Tampa-St. Petersburg metro area. Recent notable tenants include Morgan & Morgan law firm and CoAdvantage, a national human resources firm, taking a combined total of 37,649 square feet.
Well-located along U.S. Route 41 with an impressive traffic count of 64,500 cars per day, Plaza Del Rio features an iconic and highly recognizable architectural design with dramatic panoramic water views and exceptional signage opportunities. Amenities include on-site restaurant Mattison’s Riverwalk Grille, adjacent free public parking, the Courtyard Marriot immediately to the west, and Manatee Memorial Hospital across the street.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.