{"id":1004303255,"date":"2019-02-26T03:54:22","date_gmt":"2019-02-26T11:54:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004303255"},"modified":"2019-03-04T22:59:14","modified_gmt":"2019-03-05T06:59:14","slug":"new-york-life-rei-buys-rare-sarasota-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-life-rei-buys-rare-sarasota-retail-center\/","title":{"rendered":"New York Life REI Buys Rare Sarasota Retail Center"},"content":{"rendered":"
\"The<\/a>

The Shoppes at Sarasota Row<\/p><\/div>\n

New York Life Real Estate Investors has acquired The Shoppes at Sarasota Row, a 59,341-square-foot shopping center in downtown Sarasota, Fla., from Consolidated-Tomoka Land Co., for $24.6 million. JLL arranged the deal on behalf of the seller.<\/p>\n

\u201cThis is a trophy-quality property and that\u2019s becoming increasingly rare in the current retail real estate environment,\u201d<\/em> Carson Good, JLL\u2019s managing director, told Commercial Property Executive<\/em>. \u201cProperties on this level of quality very rarely come up for sale in Florida and when they do, we\u2019re able to pitch it right and generate a lot of interest from both institutional and private investors seeking high-quality assets and stable cash flow with minimal risk.\u201d<\/em><\/p>\n

The 3.9-acre property is anchored by Whole Foods, which was added to the center\u2019s tenant roster in 2005 and includes the only Starbucks in the entirety of downtown Sarasota. At the time of the sale, the property was fully leased.<\/p>\n

Consolidated-Tomoka Land Co. originally acquired the shopping center in 2014 for $19.1 million.<\/p>\n

\u201cIn terms of the market, this was a savvy time to sell because of the scarcity of core institutional quality shopping centers available to be bought and sold in Florida,\u201d<\/em> Good said. \u201cWhen you\u2019re the only one, you\u2019re the prettiest girl at the dance. There was very strong interest.\u201d<\/em><\/p>\n

Strong walkability score<\/strong><\/h2>\n

Shoppes at Sarasota Row is known for being a highly walkable area and includes one of only three free public parking garages in downtown Sarasota.<\/p>\n

\"The<\/a>

The Shoppes at Sarasota Row<\/p><\/div>\n

According to Good, the property is amenity-rich and serves both affluent full-time and seasonal residents and hundreds of thousands of Sarasota visitors each year. It is also close by numerous shopping, dining, arts and entertainment options.<\/p>\n

\u201cThis shopping center is within a growing, gentrifying, truly walkable, affluent coastal urban location,\u201d<\/em> he said. \u201cIt\u2019s also really unique because you have the abundance amount of parking, which you don\u2019t typically get in an urban setting.\u201d<\/em><\/p>\n

The location has a walk score of 97 and is surrounded by high-rise residential, hotels and office buildings, all of which are growing.<\/p>\n

\u201cDowntown Sarasota has a really thriving art scene so it\u2019s already pretty desirable, as evident by all the condominiums and luxury apartments getting developed all around us,\u201d<\/em> Good said. \u201cWe think there\u2019s long-term upside given the growth of the downtown market.\u201d<\/em><\/p>\n

Joining Good on the deal were the firm\u2019s Senior Vice President Tarik Bateh and Senior Associate Dan Williams.<\/p>\n

In October, Consolidated-Tomoka Land Co. acquired a Class A, single-tenant office building in Albuquerque, N.M., for $44 million from Forest City Realty Trust<\/a>. <\/p>\n

Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

JLL facilitated the sale of the 3.9-acre Shoppes at Sarasota Row, a highly walkable location close to numerous shopping, dining, arts and entertainment options.<\/p>\n","protected":false},"author":451,"featured_media":1004303285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21749],"tags":[44375,39216,32796,33542,35553,33004],"class_list":["post-1004303255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-retail","tag-carson-good","tag-consolidated-tomoka-land-company","tag-jll","tag-new-york-life-real-estate-investors","tag-starbucks","tag-whole-foods-market"],"acf":[],"yoast_head":"\nNew York Life REI Buys Rare Sarasota Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-york-life-rei-buys-rare-sarasota-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Life REI Buys Rare Sarasota Retail Center\" \/>\n<meta property=\"og:description\" content=\"JLL facilitated the sale of the 3.9-acre Shoppes at Sarasota Row, a highly walkable location close to numerous shopping, dining, arts and entertainment options.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-york-life-rei-buys-rare-sarasota-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-26T11:54:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-05T06:59:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/jll-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-york-life-rei-buys-rare-sarasota-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-york-life-rei-buys-rare-sarasota-retail-center\/\",\"name\":\"New York Life REI Buys Rare Sarasota Retail Center - 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