Trust buys Clark center as passive investment

BUYER: 4281-4305 Clark Road LLC (principal: Andrew Rosin), Sarasota
SELLER: Soltis Family LLC
PROPERTY: 4281-4305 Clark Road, Sarasota
PRICE: $1.41 million
PREVIOUS PRICE: $1.62 million, May 2003
LAW FIRM ON DEED: Law Office of Andrew Rosin PA, Sarasota

PLANS, DESCRIPTION: An undisclosed trust, represented by Sarasota attorney Andrew Rosin, purchased a 10,168-square-foot retail strip center on Clark Road for $1.41 million.

The price equated to $139 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The center is fully leased to Red Tiger Martial Arts, Discount Cleaners, Boost Mobile and Absolute Flooring and Kitchen Design.

Lee DeLieto Jr. of Michael Saunders & Co. represented the seller and Sasha Rosin of Horizon Realty International represented the buyer.

DeLieto says the building was fairly new and that the purchase equated to a payoff ratio based on income (capitalization rate) of 7%.

Rosin says his client was attracted to the return generated by the passive investment.