Cassia Cay property trades hands

A Michigan-based investment group has acquired a key undeveloped waterfront tract in central Sarasota County that could jumpstart long-stalled plans for condominiums and possibly apartments on a 32-acre parcel near Sarasota Square Mall.

Tamiami 41 LLC, an entity comprising investors in Howell, Mich., Pickerington, Ohio and St. Petersburg, acquired the 18.27-acre parcel at 7914 S. Tamiami Trail late last month from a Connecticut hedge fund for $4.61 million, according to Sarasota County property records.