Whole Foods building in Sarasota sold for $19M

SARASOTA — Daytona Beach-based Consolidated-Tomoka Land Co. acquired the 59,000 square-foot Whole Foods Market Centre in downtown Sarasota for $19.1 million.

The price equated to $324 per square foot and the transaction is expected to be part of a 1031 tax deferred exchange, according to a press release. The purchase price is more than double the two-year average price per square foot for retail space ($138) in the Tampa Bay area, which includes Sarasota, according to the CoStar Group. Consolidated-Tomoka hired Casto Southeast Realty Services, the original developer, to continue to manage and lease the property, near Main Street.

The anchor of the prominent retail center is a 36,000-square-foot Whole Foods. The remaining 23,000 square feet includes a Starbucks and a parking garage. The property is 98% occupied.