Pittsburgh-based ECHO Realty LP purchased the 139,000-square-foot Paradise Plaza for $26.72 million.
LOCATION: 3800 S. Tamiami Trail and 3825 S. Osprey Ave., Sarasota
PURCHASE DATE: Aug. 5
PRICE PER SQUARE FOOT: $192
DETAILS: The center is anchored by Publix, Petco and CVS. It featured a 21,000-square-foot vacant former Borders bookstore space and two smaller (1,200 and 800 square feet) vacancies.
The purchase was done as part of ECHO Realty's strategic goal to acquire properties outside of its existing commercial markets in Pittsburgh and Cleveland. The buyer announced plans to subdivide the former Borders space for smaller tenants and improve the center's lighting and landscaping. Crossman & Co. was retained to manage the center.