Whole Foods building in downtown Sarasota, sells for $19 million (includes Starbucks, etc)
by: Alex Mahadevan
A Daytona Beach real estate firm is betting on a bright future for downtown Sarasota with the purchase of Whole Foods Market Centre.
Consolidated-Tomoka Land Co. bought the 59,000-square-foot retail center for $19.1 million, according to a news release. Whole Foods has another 10 years left on its lease, but the remaining 23,000 square feet will afford the company “the opportunity to further enhance our returns beyond the initial yield of this investment as downtown Sarasota continues to grow, with a projected 1,000 hotel and urban residential units expected to be delivered over the next five years,” said Consolidated-Tomoka President and CEO John Albright in the release.
There are less than three years remaining on the other leases on average, which includes a Starbucks. The property also includes a parking garage, and sits adjacent to parcel entrepreneur Jesse Biter has slated for a 180-unit apartment complex.
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