Venice retail plaza sells off-market for $3.5M

A fully leased strip mall in Venice recently sold for $3.5 million. 

The shopping plaza at 1846 S. Tamiami Trail sold in late April, and SVN Commercial Advisory Group, which represented both the buyer and seller, announced the closing at the end of May.

The buyer of Summit Plaza was an LLC with an address in Brooklyn, New York. The seller was Bersam Development Company, according to Sarasota County property records.

“This off-market transaction was a true team effort,” SVN Commercial Advisory Group posted on social media. 

SVN Commercial Advisory Group Advisor Ryan McDonald and Senior Investment Advisor Mike Migone represented the seller, while Senior Advisor Diane Lawson and Associate Advisor Ryan Edwards worked with the 1031-exchange buyer to bring the deal together.

“The buyer told us from the get-go that he’d seen everything on the market and was looking for a multi-tenant retail plaza in southwest Florida to add to his portfolio,” Edwards says in a June 4 phone interview.

Summit Plaza has 11 tenants, including Scoops Ice Cream, Obee’s Soup-Salad-Subs, Alliance Jiu-Jitsu and others. It spans more than 17,000 square feet.

“This one checked all the boxes,” Edwards says. “Since we are in the [Sarasota] office with Ryan and Mike, we knew they had this off-market opportunity. It was a true team effort, and we put the deal together pretty quickly as well.”

The property had been part of a portfolio, Migone says, and it was not until recently that it was able to be sold apart from that, because it was a retail plaza and the other assets were not.

“Close to half of deals are never listed on the market,” Migone says.

“Multi-tenant retail, especially in our area, is a pretty strong asset class,” McDonald adds, “with low vacancies and a hot market.”

SVN Commercial Advisory Group has an office on Ringling Avenue in Sarasota as well as on East Jackson Street in Tampa. It is part of the national SVN brand, which has more than 200 offices worldwide, has handled more than $15 billion in transactions and manages more than 66 million square feet of properties.