WMG Development Acquires Sarasota Development Site – What is a Ground Lease?

, WMG Development Acquires Sarasota Development Site – What is a Ground Lease?, Robert Khodadadian

Aerial of downtown Sarasota indicating the 1390 Main St. office building. Image courtesy of WMG Development

WMG Development, a national and development company, paid $24 million to acquire a 1.08-acre site in downtown Sarasota, Fla., that currently includes a 12-story office building and parking garage, with plans to transform the property into a mixed-use development.

Located at 1390 Main St. on the Five Points roundabout, the site is zoned DB, or Downtown Bayfront, allowing for the construction of a mixed-use development including residential, retail, office and hotel uses.

The seller was not identified by WMG but the building currently houses Zenith Insurance and WMG noted in a prepared statement the current seller will continue to occupy the building while WMG works to design and plan the best mix of uses for the site.

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Steve Horn and Jag Grewal, partners at Ian Black Real Estate, and Jeremy Dee with Kennedy Wilson brokered the transaction. Over the past 12 years, Grewal has provided advice to the property owner on options for the site’s future. When the seller was ready to relocate, Horn presented the opportunity to Craig Kopko, executive vice president at WMG. The firm, which has offices in Winter Garden, Fla., and Effingham, Ill., was selected after several conversations and meetings with the seller.

Curtis Frost, CEO of WMG, said in prepared remarks the project size and location on the historic Five Points roundabout is important to the downtown Sarasota community and to WMG, which looks to make positive and lasting impacts on the communities it works in. He said the firm is excited about its role as the steward of the next phase of this asset. The Five Points roundabout, which was constructed in 2010, is at Main Street and Pineapple Avenue in the city’s Main Street shopping and dining district and was built to improve pedestrian flow and activity in the area.

WMG projects

WMG currently has more than 160 active construction sites in 24 states. The company, which has operated in 35 states, has a solid track record of successful development solutions and is known for its expertise in site selection and responsiveness. The firm was founded in 2003 by Rick Workman and the Workman Family. The firm initially focused on rolling out Heartland Dental locations and the Workman Family’s real estate development companies have become the largest owner and operator of dental tenant assets in the U.S. The firm now develops projects including retail, health-care and restaurants. Last year, WMG completed Addison Place, a dining and retail shopping center in Naples, Fla., featuring a Chick-fil-A restaurant, Aldi supermarket and Heartland Dental office.

The post WMG Development Acquires Sarasota Development Site appeared first on Commercial Property Executive.

 Development, Mixed Use, News, Office, South, Kennedy Wilson 

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