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Florida & Gulf Coast  + Central Florida  + Retail  | 
Oaks Plaza retail center in Sarasota, FL

CBRE Completes Sale of Sarasota Multi-Tenant, Walgreens Ground Lease

CBRE has facilitated the sale of Oaks Plaza, a two-building, multi-tenant retail center plus a separate parcel ground leased to Walgreens, in Sarasota, FL. Oaks Plaza was purchased by a Tampa Bay-based private investment group for $8.8 million.

Mark Shellabarger and Ari Ravi with CBRE represented the seller, a private, New York City-based investment company.

Located on Central Sarasota Parkway, Oaks Plaza totals 38,837 square feet that are 57 percent leased to six tenants.

“We conducted a national marketing campaign that generated multiple offers from buyers across the state and country,” said Shellabarger. “The buyer liked the long-term security with Walgreens and the upside potential with the lease-up of vacant space.”

“Buyers, both local and out of area, continue to view Sarasota and the West Coast of Florida as one of the premier regions to deploy capital due to job growth, population growth, climate and Florida’s business friendly environment,” added Ravi.

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CBRE's Shellabarger

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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