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University Park investor buys U.S. 41 strip center


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  • | 7:56 a.m. August 23, 2013
  • | 2 Free Articles Remaining!
  • Tampa Bay-Lakeland
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BUYER: CMA Realty LLC (principal: Alan Kesten), University Park
SELLER: Bersam Development Co.
PROPERTY: 3908 S. Tamiami Trail, Sarasota
PRICE: $3.7 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: CMA Realty LLC, a company led by Alan Kesten of University Park, purchased a 14,250-square-foot retail strip center for $3.7 million.

The price equated to $260 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 36-year-old building, on 1.1-acre parcel at the intersection of Bee Ridge Road and U.S. 41, was fully leased at the time of the sale. Its tenants include Scottrade, Mattress Firm, Best Buy Mobile, Supercuts, Mantra and More Space Place.

Barry Seidel and Marcia Cuttler of American Property Group of Sarasota Inc. handled the transaction. Seidel says the property was purchased as an investment and that his organization has been hired to manage it.

 

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