Tech firm buys Sarasota office building for HQ for $10.5 million

CheapChard LLC, Bling Bling Properties LLC and Biter Building LLC, the ownership group of PropLogix, has purchased a 44,000-square-foot Class-A office building at 5901 N Honore in Sarasota for $10.5 million.

The property will serve as the new headquarters for PropLogix, a real estate technology firm and one of the fastest-growing businesses in the region. PropLogix, which relocated from downtown Sarasota’s Main Plaza, has already moved its 175 employees into the new location.

Jag Grewal and Amy MacDougall of Ian Black Real Estate represented the seller, JDL Development, LLC, in the transaction. Ian Black, CCIM, Steve Horn, CCIM, Melissa Harris and Nick DeVito, II, SIOR, also of Ian Black Real Estate, represented the buyer.

JDL Development hired Grewal and MacDougall to serve as the exclusive leasing agents for the property in August 2019.

“We were approached by a few large tenants, and then the sale came out of the blue—we hadn’t marketed it for sale,” said Grewal. “We knew PropLogix was looking for a new home, and when they toured the campus and saw its potential, it made sense for them to buy. There’s nothing this size, scale and class on the market in the area.”

The office building, previously known as IntegraClick Professional Park, is located just off University Parkway, less than a mile from Interstate 75, and is connected to a Whole Foods. The campus-like setting features a contemporary style, complete gym with locker rooms, and a modern kitchen and lounge. There’s also a Lego room and spiral slide that empties into a ball pit and Tesla electric-car charging stations.

“PropLogix, which has grown revenues 1,651% since 2014, had outgrown the 18,000-square-foot Main Plaza office downtown,” said MacDougall. “With this new location, the company gets a trendy corporate office building with proximity to Lakewood Ranch, availability of affordable housing, and easy access to the interstate.”

Grewal has been involved in this property for the past ten years, back when the parcel only included two vacant buildings. In addition to this recent transaction, he was involved in bringing in Whole Foods Market.

About Ian Black Real Estate

Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

About SIOR

SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com