BUYER: Cocca Development Ltd., Youngstown, Ohio
SELLER: Michael and Marjorie Cohn
PROPERTY: 2635 Mall Drive, Sarasota
PREVIOUS PRICE: $395,000, February 1983
TITLE FIRM ON DEED: Stewart Title Guaranty Co., Tampa
PLANS, DESCRIPTION: Cocca Development Ltd. purchased a 9,600-square-foot retail strip center for $825,000.
The price equated to $86 per square foot.
The center, which occupies a 21,601-square-foot site, currently houses Daisy's Dancewear, Gourmet Pavilion, Heavenly Ham, French Affair and Hurricane Mike's.
Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
“There was one vacant store left in case a user wanted to buy the building,” he says. “The price was very attractive for the buyer. When you add in the vacant store you're probably looking at an 11% [purchase price payoff ratio based on income] cap. The guy that owned it wanted to retire. They were a cash buyer.”
Seidel was particularly familiar with the Ohio-based buyer. A company he owns sold Cocca Development its first Sarasota property, a 1,250-square-foot office building at 7330 S. Tamiami Trail, Sarasota in March for $152,500.
Cocca Development is a real estate development and management company. It also does build-to-suite commercial construction through its affiliated construction company V & R Construction. According to its website it has properties in 19 states. Calls to the company for comment were not returned prior to deadline.