SARASOTA, Fla., Feb. 21, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Summerplace at Sarasota, a 14.02-acre parcel of land located in Sarasota, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,365,000.
Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a limited liability company, was secured and represented by Krone Weidler and L.J. Tsunis.
“Through our comprehensive search, our team was able to maximize proceeds for the seller, and achieve a quick closing. The buyer plans to do an addition to a large senior housing complex,” says Mr. Tsunis
Summerplace at Sarasota is located in Sarasota, Florida, just one-half mile west of Interstate 75 and less than a mile south of Clark Road. The current zoning is Residential Multiple Family Category 1 (RMF-1) which allows a desirable variety of housing types with six units per acre density and auxiliary buildings for residential development. The future land use is for medium density residential allows for greater than five units but less than nine units per acre. There is a 35-foot height restriction and a maximum building coverage area of 30 percent.
Known for small-town living, beaches and resorts, the Sarasota metro is a major draw for tourists and retirees. Roughly thirty percent of the population is age 65 and older, supporting a large network of healthcare providers and contributing to jobs in this sector. Goods and services also benefit from the demographic trends; the sector makes up a large portion of the local workforce. The metro encompasses all of Manatee and Sarasota counties. The city of Sarasota is 60 miles south of Tampa. Summerplace at Sarasota is located at 5710 Draw Lane in Sarasota, Florida.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com