- October 7, 2011
BUYER: 4900 Clark LLC, Sarasota
SELLER: BRSG Real Estate Holdings LLC
PROPERTY: 4900 Clark Road, Sarasota
PRICE: $5.5 million
PREVIOUS PRICE: $3.35 million, December 2011
LAW FIRM ON DEED: Thomas C. Tyler Jr. PA, Venice
PLANS, DESCRIPTION: An affiliate of Sarasota-based Sunset Automotive Group purchased 28.9 acres on Clark Road east of Sawyer Loop Road for $5.5 million.
The price equated to $190,311 per acre. That figure is lower than the two-year average price per acre for industrial land ($336,202) in the Tampa Bay area, according to the CoStar Group.
The seller an affiliate of auto dealership firm Germain Motor Co., also transferred developments rights on the property for 100,000 square feet of major employment center uses.
Shelly Crofut of Sperry Van Ness Commercial Real Estate Advisors represented the buyer and Jon Kleiber of Coldwell Banker Commercial NRT represented the seller.
Although neither broker would comment on the future use for the property a dealership or automotive service-related business would fit within the land's existing industrial light warehouse (ILW) zoning. Clark Road has become a major collector for car dealerships, including for Lamborghini, Lexus, Jaguar, Mercedes Benz and Land Rover.
Given the large number of wetland and preserve areas on the property, only about 13 acres with frontage on Clark Road is developable.
Officials for Sunset Auto Group were unavailable for comment as of deadline.
Kleiber says the sale reflects a significant improvement in the commercial real estate market in recent months. The property has been marketed for sale for more than a year and a half.
Sunset Automotive Group operates Volvo of Sarasota, Coast Infiniti, Coast Cadillac, Crest Cadillac, Tropical Cadillac, Suncoast Audi, Suncoast Porsche, Suncoast Volkswagen, Sunset Chevrolet, Sunset Buick GMC, Sunset Dodge Chrysler Jeep, Sunset Subaru, Sunset Fiat of Sarasota and Sunset Kia of Bradenton, Sarasota and Venice.