Bee Ridge strip center sells to investor for $1.05M

BUYER: Sarasota Plaza LLC (manager: James Elmore), Bradenton
SELLER: Sharon Winkler as trustee under The Sharon F. Winkler Revocable Trust Agreement and Richard Georgiades as trustee and Charles D'Amico, individually and as trustee
PROPERTY: 2241 Bee Ridge Road, Sarasota
PRICE: $1.05 million
PREVIOUS PRICE: $325,000, March 1981
LAW FIRM ON DEED: Edward R. Rumin Attorney at Law, Fort Lauderdale

PLANS, DESCRIPTION:
James Elmore of Bradenton purchased a 10,440-square-foot unnamed strip center for $1.05 million.

The price equated to $101 per square foot. That figure is less than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

Built in 1960, the retail strip center is fully leased. Tenants include a coin laundry, Video Renaissance, iFixaPhone, Paola Salon, Popcraft Pops and Clock Gallery. The building had a new facade added in 2013, and the parking lot's pavement was recently patched, sealed and stripped.

Carl Wise of Preferred Commercial Inc. represented the sellers, and Stan Rutstein of Re/Max Alliance Group represented the buyer.

“This property was owned by the sellers for a long time,” Wise says. “It has a lot of exposure and great visibility.”

The purchase entity, Sarasota Plaza LLC, mortgaged the property to Gateway Bank of Southwest Florida for $761,250.