The Hollywood, Florida-Based Real Estate Investment Company Added to its Growing Portfolio with the Purchase of Bradenton’s Tallest Building
BRADENTON, FL, June 10, 2019 — Savlan Capital added to its growing portfolio of commercial properties throughout the Southeast, acquiring Bradenton Financial Center, the most prominent office building in downtown Bradenton, Florida.
Savlan Capital purchased the 116,839-square-foot, Class A office building from BFC Bradenton, LLC for $14.95 million ($127.95 per square foot). The Cushman & Wakefield Capital Markets team of Rick Brugge, Mike Davis and Rick Colon represented both seller and buyer in the transaction.
Bradenton Financial Center was developed in 1986 on a ±1.18-acre site at 1401 West Manatee Avenue. At 12 stories, it is the tallest building in Bradenton, offering views of the Manatee River. The asset features the Sage Biscuit Café on the ground floor and is served by an adjacent five-story parking garage accessible via skybridge from the main structure.
The building was 90% leased at the time of sale to a diverse mix of national and regional accredited tenants. Notable lessees include Mauldin Jenkins, Workforce Business Services, Fisher-Rosemount Systems, Bank of America, Merrill Lynch and Morgan Stanley.
The property offers exceptional visibility along Manatee Avenue, the Bradenton CBD’s primary east-west thoroughfare. It’s central location places Bradenton Financial Center within walking distance of Bradenton City Hall, the Manatee County Courthouse, the Manatee County Government Center, Bradenton Riverwalk, and the numerous retail, dining and entertainment venues in downtown Bradenton.
The asset is ideally positioned to capitalize on numerous recent developments in downtown Bradenton, including a new 120-room Spring Hill Suites by Marriott, the 302-unit Allure of Bradenton multifamily community, the $12 million expansion of The Bishop Museum of Science and Nature, and the $10 million Manatee Chamber of Commerce and city parking garage project.
“Bradenton Financial Center was an ideal match for our investment strategy,” said Savlan Capital Chief Executive Officer Zusha Tenenbaum. “We look for Class A properties that present value-add opportunities in great locations with a sustainable and well-diversified tenant base. This asset met all those criteria with an irreplaceable location, a strong tenant mix, below-market rents, and room for occupancy growth.”
Savlan Capital plans to invest significant capital into the property for exterior renovations and common area improvements.
Bradenton Financial Center is the eighth asset in Savlan Capital’s commercial real estate portfolio, which currently includes multifamily, flex business park and office assets in Florida and Texas. Savlan Capital has recently acquired more than one-half million square feet of commercial property and plans to grow its portfolio further in 2019, targeting prime population and job growth markets in South Florida, Tampa, Orlando, Jacksonville, Atlanta, and Dallas.
Savlan Capital has retained SVN Commercial Advisory Group’s Debra Cooper and Angela Varga as leasing agents for Bradenton Financial Center.
About Savlan Capital
Savlan Capital is a fully integrated real estate investment company with over 20 years of extensive real estate investment management, acquisition, property management, development, and redevelopment expertise. Headquartered in Hollywood, FL, Savlan Capital has a proven track record of successful investing in multifamily, office, industrial and business parks in primary markets throughout the Southeast and Texas. For more information, please visit www.savlancapital.com.