Call for Offers: Sarasota County Admin Center - 1660 Ringling Blvd, Sarasota, FL 34236

On behalf of Sarasota County, Colliers, as exclusive adviser, is pleased to present the opportunity to acquire the Sarasota County Administration Center, which includes: an existing 6-story office building totaling approximately 158,149 square feet situated on a 2.88-acre site; a 2.17-acre surface parking lot; and a 0.23-acre surface parking lot (collectively “The Property”). The Property totals approximately 5.29 acres of land in the heart of Downtown Sarasota, one of the most affluent and walkable areas on the west coast of Florida.

Sarasota County, as part of this offering, is willing to enter into a 4-year sale leaseback of the entire Property, which would assume an absolute net lease at a to-be-determined market rent with contractual annual rent increases, commencing at closing. The term of the leaseback is tied to the County’s plan to vacate the Property at the end of the initial term and allocate the existing business operations to multiple areas around the greater Sarasota County. 

This Offering presents a unique, sale leaseback investment opportunity with a guaranteed attractive revenue stream from an investment-grade credit (AAA/AA+) Government tenant, and numerous avenues of potential redevelopment and upside in the future.

Invitation to Negotiate: Notice is hereby given that Sarasota County is seeking responses from entities interested in the purchase of the County-owned building and land located at 1660 Ringling Boulevard, 1646 Morrill Street and 1703 Morrill Street, Sarasota, Florida 34236 (“Property”). All materials requested herein must be received by Sarasota County Property Management Division, 1660 Ringling Blvd., Suite #240 Sarasota, FL 34236 no later than August 20, 2021, at 5:00 p.m.

Only complete responses will be considered. Copies of the Invitation to Negotiate (ITN) may be obtained via email from our team and/or downloaded directly from Sarasota County’s Surplus Lands web page at www.scgov.net/1660. Sarasota County reserves the right to cancel any and all ITNs and to accept or reject, in whole or in part, any and all responses for any reason, to reopen this ITN for subsequent phases or to redevelop the project by other means at Sarasota County’s sole discretion.