Stoltz Real Estate Partners buys Broadway Promenade

BUYER: Broadway Sarasota LLC (Stoltz Management of Delaware Inc.), Bala Cynwyd, Pa.

SELLER: Tamiami and Tenth Sarasota LLC

PROPERTY: 1044 and 1058 N. Tamiami Trail and 1268 11th St., Sarasota

PRICE: $8.15 million

PREVIOUS PRICE: $4 million and $1.1 million, April 2004

LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, West Palm Beach

PLANS, DESCRIPTION: Bala Cynwyd, Pa.-based Stoltz Real Estate Partners purchased the commercial portion of Broadway Promenade on the edge of downtown Sarasota for $8.15 million.

The price equated to $153 per square foot.

The sale covered three buildings, including a 28,800-square-foot Publix grocery store, with a total of 53,375 square feet of the mixed-use development. The acquisition included a retail strip and retail and office space on the bottom level of two residential condominium buildings, but did not include the residential space. The sale also did not include the Broadway Bar building.

The occupancy rate at the development was 83% at the time of the sale. Along with Publix, the center also houses Bank United, Studio Salon, Venetian Dental, Hearing Aid Systems, Sunny's Nails & Spa and China Garden.

Dennis Carson and Mark Shellaburger of CBRE's Miami office handled the transaction.

“There was quite a big of life left in the Publix lease,” Carson says. “[The new owner] felt it represented a good return based on income and offered a good value to increase that income stream based on future lease up.”

The Stoltz Management Company will market and manage the property.

The purchase entity Broadway Sarasota LLC mortgaged the property to Firstrust Bank.