Sarasota investors buy Starbucks, planning additional retail property

BUYER: SLS Holdings III LLC (principals: Sam Sciturro and Lita Sciturro-Smith), Sarasota

SELLER: Port Charlotte MMR LLC

PROPERTY: 925 Kings Highway, Port Charlotte

PRICE: $1.53 million

PREVIOUS PRICE: $750,000, January 2007

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: Sarasota real estate investors Sam Sciturro and Lita Sciturro-Smith purchased a 1,741-square-foot Starbucks building on 1.08 acres for $1.53 million.

The property is an outparcel to the Publix-anchored Peachland Promenade neighborhood shopping center.

Daniel O'Berski of Trinity Commercial Group represented the seller and Larry Richards of Key Solutions Real Estate Group represented the buyer.

The property was purchased both for its existing income and national tenant and the potential to develop another 3,000 square feet of retail space. Richards is currently marketing the future development as a build-to-suit option for two tenants.

“It's a terrific location with very good visibility and a lot of traffic,” Richards says. “The upside potential was certainly a factor.”

Starbucks Coffee Co.'s current lease is scheduled to expire in late 2018.