Lockwood Village Plaza

Lockwood Village Plaza

Lockwood Village Plaza
7602 Lockwood Ridge Road
Sarasota, Florida 34243

$4,100,000

Cap Rate 7.28%
Gross Leasable Area (GLA) 28,838 Sq.Ft.
Price Per Square Foot (GLA) $142
Year Built 1987
Lot Size 3.30 Acres
  • Below Market Rents
  • Long Term Stable Occupancy
  • New Roof and Parking Lot - No Capital Expenditures Required
  • Cash-on-Cash Return of 10.54 Percent Year One
  • Priced Below Replacement Cost
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Lockwood Village Plaza (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

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.

For More Information, Please Contact:

James Medefind

First Vice President Investments
(813) 387-4788
James.Medefind@MarcusMillichap.com