A Dollar Tree property in Venice sells for $3 million, and a 12-unit rental near Riverview High fetches $1.52 million.
SARASOTA COUNTY — A retail store property and a small apartment complex recently changed hands in separate deals.
An investment company paid $3 million for the 1.7-acre property that is now home to a Dollar Tree store at 3520 Laurel Road, Venice.
The CVS drug store chain operated a store there that it closed in 2017, according to Ian Black Real Estate, which represented the seller. CVS recently subleased the 13,421-square-foot building to Dollar Tree. The lease runs for another 16 years.
"The property is in a prime location within the growing corridor of Laurel Road," Michele Fuller, a partner at Ian Black, said in a statement. "We received a good amount of inquiries and had multiple offers on the property through the time we had it listed. The purchase demonstrates the investment attraction created by all the commercial and residential growth in the area.”
The buyer was 111 Mott LLC and 212 Lafayette LLC of New York City, property records show. The seller was Spendia LLC, a Glenview, Illinois, company managed by James W. Pappas.
The property is one mile from the new Sarasota Memorial Hospital facility that is to open in 2021, Fuller noted.
“The new hospital is one of the indicators of the tremendous growth in the area and is spurring a great deal of activity,” she said. "Across Laurel Road from the CVS ground lease we are representing a 32-acre development called Mirasol Town Center. The town center has attracted developers of senior housing projects, hotels, medical buildings, retail, restaurants and gas/convenience. We also have an adjacent 2.34 acres to the south that is slated to be developed."
Matt Kezar of Ian Black also represented the seller. Casey Barker of Marcus & Millichap represented the buyer.
Separately, the 12-unit Gardenia Apartments was sold for $1.52 million.
That 0.7-acre parcel, at 2738 Fort Worth St., Sarasota, contains six buildings constructed in 1979 and 1980, according to Phil Ginexi, managing director of The Multifamily Firm, which represented the seller.
The property generated multiple offers after one day of listing, he said.
"Given the current volatility of the stock market, combined with very strong multifamily financing options, the Sarasota multifamily market has continued to increase in demand, as the market has been flooded with out of state investors searching to sustain portfolio yields," Ginexi said.
Carlo Vutera and Gina Vutera of Sarasota bought the complex. Jules Roman and James Foley of Yorkshire International Real Estate represented the buyer.
The seller, Almari Properties LLC of Burlington, Ontario, Canada, acquired it for $760,000 in 2014, records show.