Avison Young represented United Realty in the $4.57 million acquisition of the SunTrust Bank building, a 65,000-square-foot multi-tenant office building At 203 E. Silver Springs Blvd. in downtown Ocala. The transaction marks the most significant office sale to date in 2019 in the downtown area. Beau Broker, Senior Vice President with Avison Young, handled leasing services at the SunTrust building on behalf of the seller, Simpson Group. He facilitated the sale transaction on behalf of the buyer and will continue leasing the building on behalf of new ownership and long-time client, United Realty.
Strategically located on 2.5 acres alongside State Road 40, the SunTrust building is home to SunTrust Bank and Heart of Florida with 20,000 square feet of space currently available for lease. Capital improvement plans for the building include a 20,000-square-foot expansion, façade remodel, and the addition of a courtyard. The sale transaction also included an additional 2.5 acres on the adjacent block where United Realty plans to work with the city to develop multifamily condos and a structured parking garage.
“United Realty was an aggressive buyer attracted to the SunTrust building due to its value-add potential,” said Broker. “My client plans to make substantial capital improvements, lease-up available space, and partner with the city to develop and enhance live-work-play amenities as well as increase value within the area.”
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