Sarasota commercial real estate: $9 million in deals have closed since March

Derek Gilliam, Sarasota Herald-Tribune
·2 min read
A standalone retail property leased by drug store operator CVS has been sold for $4.5 million. The buyer, SSA Sarasota LLC, is based in Long Island, New York.
A standalone retail property leased by drug store operator CVS has been sold for $4.5 million. The buyer, SSA Sarasota LLC, is based in Long Island, New York.

Despite some banking worries over the past few weeks after the failure of two U.S. banks, two Sarasota commercial transactions totaling more than $9 million closed in March, according to Sarasota County property records.

A 10,378-sqauare-foot standalone retail building at 8546 S. Tamiami Trail currently leased to drug store chain operator CVS was purchased by a Long Island-based company for $4.5 million at the beginning of the month. SSA Sarasota LLC, managed by Rosario Cassata of Sayville, New York, bought the property from FFT Livingstone LTD.

The CVS store that was sold is one mile from Sarasota Square Mall, the news release notes, in a "major retail corridor."

Joseph Prio and Alan Lipsky, both with the Fort Lauderdale office of commercial real estate firm Marcus & Millichap, negotiated the deal on behalf of the seller, according to a news release.

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“This is the fourth net-lease property we have traded in the last month with another seven under contract,” Prio said. “While the market is softening from rising interest rates, we are still seeing strong demand for net-lease properties here in Florida, especially from out-of-state investors.”

A second $5 million industrial sale closed on March 6.

An industrial warehouse in Sarasota has been sold for $5 million in March. The 31,000-square-foot industrial property, owned by Orange Sota LLC, will be leased by Augusta, Georgia-based Club Car.
An industrial warehouse in Sarasota has been sold for $5 million in March. The 31,000-square-foot industrial property, owned by Orange Sota LLC, will be leased by Augusta, Georgia-based Club Car.

Mike Migone, a commercial broker with SVN Commercial Advisory Group, represented the seller, E D B Family LLC in the transaction.

Migone said the 31,566-square-foot industrial property at 1074 N. Orange Ave. will be used by Club Car, a provider of GPS systems to golf carts and other electric vehicles, as warehouse space.

The property is near downtown and in an opportunity zone, according to Migone. Opportunity zones provide tax incentives to investors to "buy real estate in areas that need some fresh economic growth and job creation," the news release noted. They were created as part of tax legislation in 2017.

“In addition to being part of an opportunity zone, this property is in a prime spot, only about a mile from the downtown area,” Migone said. “Having downtown amenities nearby is a big plus for a building with office employees. It should work out well for them.”

Migone noted the seller put the property on the market given how hot Florida real estate remains. He also said the seller is looking to purchase assets closer to their other homes in Tennessee and Texas.

The buyer, Orange Sota LLC based in Lexington, Kentucky, is an entity owned by Rouse Co., according to a news release on the transaction.

Both transactions appear to be cash as mortgage documents have not been recorded with the Sarasota County Clerk's office.

This article originally appeared on Sarasota Herald-Tribune: Two commercial property deals top combined $9 million in Saraasota