BUYER: IA Sarasota Tamiami LLC (Inland American Real Estate Trust Inc.), Oak Brook, Ill.
SELLER: DDRTC Sarasota Pavilion LLC
PROPERTY: 6501, 6507 and 6525 S. Tamiami Trail, Sarasota
PRICE: $44.67 million
PREVIOUS PRICE: $42.08 million, January 2002
LAW FIRM ON DEED: Sutherland Asbill & Brennan LLP, New York City
PLANS, DESCRIPTION: Inland Real Estate Acquisitions, the purchasing arm of Oak Brook, Ill.-based The Inland Real Estate Group of Cos. Inc., purchased the 324,985-square-foot Sarasota Pavilion retail center at the intersection of U.S. 41 and Stickney Point Road for $44.67 million.
The purchase price equated to $137 per square foot of building space.
The 30-store center is anchored by Publix, Bed Bath and Beyond, Ross, Marshalls, Old Navy, Michaels and Stein Mart. It is 96% occupied.
The purchase was part of a $424 million acquisition of 16 shopping centers from a joint venture of TIAA-CREF and Developers Diversified Realty. The purchase covered 3.56 million square feet of property in Florida, Georgia, the Carolinas and Virginia.
“Sarasota Pavilion is a great infill location that cannot be replicated,” says Mark Cosenza, vice president of Inland Real Estate Acquisitions Inc. “It is supported by strong demographics, and the Publix does extremely well, which is a great draw to the property. The property itself has a great balance of necessity and value-based tenants coupled with banks and restaurants.”