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.
- ◦Sale/Acquisition