Valdosta Shared Office Space and its Wisenbaker Building For Sale
Tuesday, January 22nd, 2013
The Wisenbaker Building on North Patterson Street is being offered for sale for $480,000 by its owner, Gino Fina. Operating as Valdosta Shared Office Space, the building currently has 10 tenants, is 70 percent leased and cash flow positive. Another 1,500 square feet is move-in ready.
"Ideally, the Wisenbaker Building would be scooped up by an investor or become a corporate headquarters of some sort, with Valdosta Shared Office Space remaining intact if it suits the buyer," Fina said.
A furloughed commercial airline pilot for 11 years, Fina is being recalled to American Airlines in late 2013. He is selling Valdosta Shared Office Space to ensure his attention is not spread too thinly.
"That's the only reason I'm selling. I want Downtown Valdosta to continue to grow and a local caretaker is necessary for sustained growth," Fina said.
Fina purchased the building in 2005. Average occupancy since then has remained about 80 percent, according to Fina. The building was fully renovated last year with a new roof, Category 5 cabling, high-speed Local Area Network and a new "Green" 17-ton HVAC system.