We began pursuing the site in early 2016 and were able to reach an agreement with the seller to purchase the land on April 26, 2018, for a purchase price of $9.9 million. The site is located at 301 North Cattleman Road in Sarasota, Florida, and situated on nearly 17 acres containing 351,864-SF of net rentable area.
We began pursuing the site in early 2016 and were able to reach an agreement with the seller to purchase the land on April 26, 2018, for a purchase price of $9.9 million. The site is located at 301 North Cattleman Road in Sarasota, Florida, and situated on nearly 17 acres containing 351,864-SF of net rentable area.
The Sarasota Palmore project is ELIM’s first investment project in the United States and is located in the established community of Sarasota City in southwest Florida. Completed under budget in less than two years, the project has been available for lease since the beginning of the year. Under the influence of the epidemic in the first half of 2020, the project operated through online rental, non-contact check-in and other ways, and still maintained a constant lease and a steady increase in the rental rate. As of March 21, 2020, the project delivery rate reached 93%. Even in the face of the epidemic, the lease is still increasing.
In March, on the premise of the same price offered by three buyers, we chose a well-known real estate private fund in the United States/a large real estate fund ranked 16th in the real estate private fund contract to sign, the transaction is completed, and the exit is realized.