|Gross Leasable Area (GLA)||4,071 Sq.Ft.|
|Price Per Square Foot (GLA)||$870|
|Lot Size||0.14 Acres|
Marcus & Millichap is pleased to offer this trophy asset in St. Armands Circle, an affluent tourist destination of Sarasota. The subject property is a 4,071-square foot, three tenant retail strip built in 1961. The property is currently 100 percent occupied by an attractive tenant mix and is ideally located in St. Armands Circle among many other high profile retail tenants.
This asset offers investors an opportunity to acquire a low management, stabilized asset that is free and clear of existing debt. St. Armands Circle is in a high barrier to entry market with historically high appreciation. With staggered leases and no lease turnover in the first three years of ownership, an investor can buy a cash flowing property while being able to capitalize on the upside in rent appreciation over the next ten years.
St. Armands Key is an island in Sarasota Bay off the west coast of Florida in the United States. The area maintains world class status, boasting more than 130 stores and restaurants. The circle contains many restaurants, tobacco shops, clothing stores and other retail outlets. The circle itself can presently support 74,100 square feet of additional retail and restaurant development generating over $30 million in new sales. As one of Florida’s most historic shopping districts, St. Armands Circle has attracted several national brands including Lily Pulitzer, Tommy Bahama, and White House/Black Market as well as many local and regional retailers and restaurants.
Retail Investment Specialist