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Commercial Real Estate
Business Observer Friday, Jul. 13, 2018 4 months ago

Apartment developer taps Cushman & Wakefield for retail parcels

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Richman Group hires commercial brokerage firm to sell outparcels at planned Sarasota apartment site
by: Kevin McQuaid Commercial Real Estate Editor

The Richman Group, among the nation’s largest apartment developers, has hired commercial real estate brokerage firm Cushman & Wakefield to market commercial land adjacent to a planned 10-acre project in downtown Sarasota.

Cushman & Wakefield Managing Director Patrick Berman, who is marketing the 1.5-acre site together with firm Executive Director Bruce Erhardt, says the pair of outparcels will compliment Richman’s planned 222 apartments at the former Ringling Shopping Center site.

“The two pads are zoned Downtown Edge, which means they can be used for retail space, medical office or office,” says Berman. “These are pad-ready sites, measuring a little less than 20,000 square feet. We’ve already had a lot of interest in them.”

Richman Group of Florida, which acquired the site after community objection to a Walmart store on the property, plans to deliver its multifamily rental project at 2260 Ringling Blvd. by the end of next year.

Architectural firm Humphreys & Partners of Maitland is designing the apartments, which will cost about $22.4 million to construct, according to Sarasota documents.

 

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