|Gross Leasable Area (GLA)||28,838 Sq.Ft.|
|Price Per Square Foot (GLA)||$142|
|Lot Size||3.30 Acres|
Marcus & Millichap is pleased to offer for sale Lockwood Village Plaza, a stabilized shopping center located in Sarasota, Florida, an affluent city south of Tampa on Florida’s Gulf Coast.
The subject property is a 28,838-square foot shopping center built in 1987. The property is currently 95 percent occupied by an attractive tenant mix. The plaza is ideally located on the corner of Lockwood Ridge Road and Tallevast Road, with 7-Eleven (Not Included) occupying the outparcel to the center.
Lockwood Village Plaza offers investors an opportunity to acquire a low management, stabilized asset that is free and clear of existing debt. By taking advantage of today’s attractive financing options, the next owner will achieve an estimated 10.54 percent cash-on-cash return their first year of ownership.
The city of Sarasota is home to many businesses and cultural institutes, most notably the Ringling Museum of Art. Sarasota is also the gateway to miles of beaches with fine sand and shallow waters, such as Lido Beach and Siesta Key Beach. The city is accommodating to an outdoor lifestyle with year-round sun and beautiful beaches.
First Vice President Investments