Sarasota investor Vorbeck buys Clark Road Square

BUYER: Mick Vorbeck, Sarasota
SELLER: Stephenson Anderson and John Anderson Jr.
PROPERTY: 3240 Clark Road, Sarasota
PRICE: $1.78 million
PREVIOUS PRICE: $350,000, March 1999
LAW FIRM ON DEED: The Law Office of Chris M. Vorbeck PA, Sarasota

PLANS, DESCRIPTION:
Mick Vorbeck of Sarasota purchased a 10,164-square-foot retail strip center for $1.78 million.

The price equated to $175 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

The retail center, called Clark Road Square, features Richard's Foodporium, Dairy Queen, a restaurant and a therapeutic massage business. It was fully leased at the time of the sale and two of the larger tenants had been there since the building was constructed in 2001.

Temp Hamilton of Good Life Realty represented the buyer and Barry Seidel of American Property Group of Sarasota Inc. represented the seller.

The property was sold as an investment. The purchase price equated to a payoff ratio based on income [capitalization rate] of between 7% or 8%.

Vorbeck mortgaged the property to Hancock Bank for $686,000.