A 13,000-square-foot retail building, near downtown Sarasota, has sold for $7 million to 5 Point Equity. The property, at 1427 S Tamiami Trail, which sits on 1.35 acres, includes tenants such as Integrated Dental of Florida, Playa Bowls, Curaleaf Dispensary and Verizon. The buyer owns the adjacent Baymont by Wyndham Sarasota hotel, at 1425 S Tamiami Trail, bringing the total site to 3.55 acres.
“This property presented a terrific opportunity for the buyer because he now owns 3.55 acres here, which makes this site more viable for future development,” said Jag Grewal of Ian Black Real Estate, who represented the buyer. “With the hospital across the street and no existing hotels in the vicinity, this is a great spot for a mixed-use development with a hotel, apartments and retail.”
The site is located across from Sarasota Memorial Hospital and about a mile south of downtown. The hospital has been undergoing major expansion projects, including a $93 million cancer pavilion currently under construction, the recent openings of the $75 million Kolschowsky Research and Education Institute, and the $71 million Cornell Behavioral Health Pavilion.
Steve Horn, of Ian Black Real Estate, represented the seller, Plantation Grove Ltd. The Baymont by Wyndham property was acquired by 5 Point Equity in early 2022, for $8 million.