ORLANDO—Sarasota Main Plaza, a 254,677-square-foot mixed-use retail center, has traded hands. The sale price: $18.1 million.
Cushman & Wakefield senior director Patrick Berman and director Jason Donald represented Paragon Realty Group in the deal. Steve Horn of Ian Black Real Estate represented the buyer, a joint venture of Baird, JMB Parent, and GPS Industries.
"Sarasota Main Plaza is a landmark property with tremendous potential," Berman tells GlobeSt.com. "The property's ideal location, accompanied by its high-density zoning, allows for the development of apartments, hotel rooms, retail space, condominiums and office space."
Built in 1986, the two-story, mixed-use center located sits 8.6-acre parcel at 1991 Main Street. The retail center was renovated in 1997. Regal Cinemas, the Florida Department of Revenue, Sarasota Family YMCA, Seaside National Bank and Sarasota County municipal offices are among the major tenants at the property, which includes an attached 800-car garage.
Sarasota Main Plaza is positioned as a redevelopment opportunity. The shopping center sits in high-growth, urban, infill location with strong demographics and high visibility at the intersection of Fruitville Road and Washington Boulevard, which is also known as US Highway 301. Berman predicts, "The redevelopment of Sarasota Main Plaza will greatly enhance the dynamic downtown Sarasota market."
Sarasota has seen some strategic transactions in recent months. Of the 204 local markets Realty Trac investigated, Sarasota was among the cities that were on pace through August to reach 10-year highs.
The Imagine Schools at Palmer Ranch building has traded hands. The class A, 52,000-square-foot two-story educational facility in Sarasota, FL sold for $10.2 million.
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