Institutional buyer purchases Sarasota shops

In a rare example of an institutional investor buying a commercial property in Sarasota, an affiliate of New York Life Real Estate Investors has acquired the Shoppes at Sarasota Row for $24.62 million.

Just as surprisingly, although the 59,341-square-foot urban retail collection is anchored by a Whole Foods Market and a Starbucks, the majority of the 15 tenants in the fully occupied project are local merchants, such as Write On Sarasota, Paint Nail Bar and Pecky Interiors.