SARASOTA, Fla. (October 17, 2014) – Consolidated-Tomoka Land Co. has purchased the Whole Foods Market Centre in Sarasota for $19.1 million.
The 59,341-square-foot center on 3.94 acres is located at 1451 1st Street in downtown Sarasota. The multi-tenant property includes a center with small shops located on the ground floor of a condominium development, as well as a freestanding building leased by Whole Foods Market.
Mike Milano, CCIM, MAI, and Ron Schultz of Colliers International Tampa Bay, and Cynthia Shelton, CCIM, CRE, CIPS, and Kane Morris-Webster, CCIM, of Colliers International Central Florida, represented the seller, Casto-Zenith Venture, LLC in the transaction.
“This was a tremendous opportunity to acquire a high-end, mixed-use investment in the heart of downtown Sarasota, anchored by highly sought-after Whole Foods Market and Starbucks,” said Schultz. “The greatest investor demand right now is for grocery-anchored neighborhood centers, especially Whole Foods-anchored centers.”
The success of this property is attributed to its excellent location that supports a vibrant mix of restaurants, high-end retail specialty shops and the Whole Foods Market. In addition, approximately 500 new residential units are expected to be added to this captive residential market over the next 36 to 48 months, which will also help ensure the long-term success of the Whole Foods Market Centre.
“Consolidated-Tomoka primarily purchases freestanding net-leased properties,” said Milano. “However, this center is a unique trophy asset, and the buyer decided the property’s position and attributes justified a slight departure from its typical acquisition criteria.”
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