SARASOTA, Fla., March 27, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sixth Street Plaza, a 20,922-square foot retail property located in Sarasota, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,742,800.
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Jim Shiebler, James Garner and James Medefind.
“We created a high level competition by generating multiple offers, placed the property Under Contract within 1 week after activation, negotiated a non-refundable deposit at Effective Date and Sold the asset for 96% of List Price. When the majority of shopping center contracts are on hold or are cancelled completely, we delivered our promise to the seller and CLOSED!” stated Mr. Shiebler.
Sixth Street Plaza is located at 601A North Washington Boulevard in Sarasota, Fla. North Washington Boulevard is one of the main arteries through Central Sarasota. Sixth Street Plaza is located in an extremely dense residential area with a population of 158,000 within 5-miles. The property has a well maintained parking lot with attractive landscaping.
Sixth Street Plaza is adjacent to downtown Sarasota and hotels, high rise condominiums, multi-family, assisted living facilities and mixed-use projects and is also near the Sarasota-Bradenton International Airport. Quality real estate is rare as downtown Sarasota possesses extremely high barriers to entry and extremely low inventory of quality commercial properties. A number of attributes contribute to the advantageous economic climate of Sarasota County including a high quality of life that attracts a diverse, highly skilled labor force and business base.