Sarasota investor Lesser buys Palmetto retail buildings

BUYER: Palmetto 737 LLC (manager: Robert Lesser), Sarasota
SELLER: Treasure Cove Development Corp.
PROPERTY: 705, 707, 709, 713, 721, 731, 733, 735 and 737 W. Eighth Ave., Palmetto
PRICE: $2.35 million
PREVIOUS PRICE: $3 million, May 2005
LAW FIRM ON DEED: Law Offices of William G. Morris PA, Marco Island

PLANS, DESCRIPTION:
Robert Lesser of Sarasota purchased a 33,704-square-foot retail development for $2.35 million.

The price equated to $70 per square foot. That figure is lower than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

Located along State Road 41/Eighth Avenue, the property features a main L-shaped building and an adjacent roughly 10,000-square-foot square building. Tenants include Top Shop, Subway, a sushi restaurant, nail salon, two thrift stores and Amscot. The property had a single 5,000-square-foot vacancy at the time of the sale.

Chuck Thomas of Maxim Commercial Real Estate LLC represented the seller, and Sue Orton of H3 Management LLC represented the buyer.

The purchase entity, Palmetto 737 LLC, mortgaged the property to Insignia Bank for $1.35 million.