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Professional Center at Bay PlazaInvestment Highlights > Prominent Venice location - surrounding retailers include HomeGoods, Winn Dixie, Big Lots and Save-A-Lot.
> History of high occupancy.
> Favorable access – signalized intersection to US 41 (the city’s main artery) from the southeast side of the property.
> Pedestrian overpass of the 10 mile Legacy Trail borders the plaza on the west – provides additional means of access.
> Potential increase in NOI through leasing of vacant unit.
CHRISTOPHER POLLARD, J.D.813 871 [email protected]
MIKE MILANO, CCIM, MAI727 298 [email protected]
EXECUTIVE SUMMARYColliers International is pleased to offer for sale Professional Center at Bay Plaza, a 35,220 square foot mixed-use professional center located at a signalized intersection on the east side of Venice Bypass (US-41 Bypass) in Venice, Florida. Key tenants include Ned Davis Research, Inc. (NDR), The Pavilion Grill and Bird Bay Realty. The anchor tenant NDR has been a tenant since 1992 and Bird Bay Realty has been there since 1985.
The anchor tenant, Ned Davis Research, Inc. is an international credit tenant. It is headquartered at Bay Plaza and has offices in Atlanta, Boston, San Francisco and London, and more than 1,000 institutional clients around the globe, including Fidelity and Schwab. NDR is owned by the European company Euromoney. In 2015, Euromoney had $535.7 million of revenue.
Professional Center at Bay Plaza has excellent frontage and benefits from a traffic count of 30,500 cars per day on Venice Bypass (US-41 Bypass) and surrounding retailers such as Winn Dixie and HomeGoods. A pedestrian bridge on the north side of the center helps promote higher foot traffic.
Address: 600 Bird Bay Drive WestVenice, FL 34285
Total Square Footage: 35,220± SF
Year Built/Renovated: 1973/1984
Occupancy: 88.6%
Tenants:
• Ned Davis Research (23,908 SF)
• The Pavilion Grill (6,285 SF)
• Bird Bay Realty (1,000 SF)
Estimated First Year NOI: $472,997
Cap Rate: 7.57%
Price: $6,250,000
Property Website: http://cilistings.listinglab.com/PCBP
Southwest Florida
Venice
SUBJECT
SUBJECT
41
41
41
LOCATION
SUITE TENANT RSF101 The Pavilion Grill 6,285102 Bird Bay Realty 1,000500 Ned Davis Research, Inc. 15,408
Suite D Ned Davis Research, Inc. 3,000400 Ned Davis Research, Inc. 5,500
301-301A Vacant 4,027Total RSF: 35,220
TENANT ROSTER
SARASOTA COUNTY
Professional Center at Bay Plaza is located in the city of Venice within Sarasota County, Florida. It is an island city on the west coast of Florida near the Gulf of Mexico. Sarasota County includes the municipalities of Longboat Key, North Port, Venice and Sarasota. The Sarasota metropolitan region is America’s 11th fastest growing urban area.
The city of Sarasota, often proclaimed the “arts capital” of Florida, is the county seat. The city of Sarasota issued a record number of building permits in the most recently completed fiscal year. It permitted 8,402 projects valued at more than $330 million. In downtown Sarasota alone, some 1,700 new apartment units are under construction. Permitting activity increased last year with 30,330 new development projects underway.
Major employers in Sarasota County include Publix (2,677 employees), Sun Hydraulics Corp. (683 employees), Shared Services Center (405 employees), and FCCI Insurance Group (402 employees). Sarasota County has a population of more than 380,000 full-time residents with a mix of business owners, working families and active retirees.
VENICE
From January through April, Venice benefits from a large number of seasonal visitors from the Northeast and Midwest that join international tourists at the city’s beaches, golf courses and attractions. In the fiscal year of 2014, there were approximate 929,000 seasonal visitors in Sarasota county, many of whom go to Venice, the biggest “little” city on Florida’s Gulf Coast.
Major industries include healthcare, retail trade and hospitality. Some of the larger employers located in Venice are Tervis Tumbler’s manufacturing plant headquarters (679 employees), PGT Industries headquarters (1,924 employees), and the Venice Regional Medical Center (871 employees).
Contact Us
Aerial
MIKE MILANO, CCIM, MAI727.298.5303 - [email protected]
CHRISTOPHER POLLARD, J.D.813.871.8504 - [email protected]
This document has been prepared by Colliers International Tampa Bay Florida for advertising and general information only. Colliers International Tampa Bay Florida makes no guarantees, representa-tions or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International Tampa Bay Florida excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). © 2016. All rights reserved.
Site Plan
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