Detroit investor buys Venice grocery property for nearly $15M

A Sprouts Farmers Market anchored retail property in Venice has sold to a Detroit investor.

The single-tenant parcel is at 1120 Jacaranda Blvd. just south of Interstate 75. According to SRS Capital Markets, which represented the seller and announced the deal, says it sold for $14.8 million.

The deal, the firm says, was part of a 1031 Exchange. It was previously owned by Ohio developer Casto.

The Sprouts opened last year and has 19 years left on a corporate backed lease with four five-year renewal options. It sits on 2.2 acres and is part of a retail property with five outparcels populated by tenants that include Tommy’s Express Car Wash and Heartland Dental.

SRS Capital Markets, according to the statement, completed more 950 transactions nationally last year with $3.5 billion in deal volume. The Dallas firm currently has more 845 properties on the market with a market value that tops $3.7 billion.

Patrick Nutt and William Wamble, in SRS’s Tampa office, represented the seller.