The Met in Sarasota lists building for $15 million

SARASOTA — A top St. Armands Circle merchant has put its property up for sale.

The Met Fashion House, Salon & Day Spa has listed its 35 S. Boulevard of Presidents property for $15 million. A condition of the sale, according to a flyer from the commercial real estate firm NAI Skyway National Partners, is a leaseback, meaning the popular destination is likely to remain open unless something changes during the negotiations.

Sarasota County property records show The Met bought the property in 2001 for $4.3 million.

According to the commercial real estate website Loopnet, the property is two stories and 12,977 square feet.

While the building is not on the main circle, it is still part of the thriving commercial district and The Met, which opened in 2000, is a well-known destination for those in and out of the area. Photos from the company’s website show a grand façade with, once inside, an even grander staircase leading to the day spa on the second floor. Property records show the building was first built in 1981 and was once owned by Wesley United Methodist Church.

Contacted about the decision to sell, The Met’s owner, Geoffrey Michel, did not wish to be quoted, saying comments should come from Brad Berzins, the property’s listing agent. Berzins did not respond to a request for comment.

Later, in an email copied to Berzins, Brenda Michel, Geoffrey’s wife and business partner, and the Business Observer, Geoffrey Michel wrote that the "robust commercial market" led to the decision to list the property. While adding later that he prefers that "the quote be from Brad the listing agent," Michel added that the goal is to have "long term plans for the continuation of the business" and the listing is "simply an opportunity to appreciate the significant equity on the building.”

The timing of a sale could certainly be lucrative. Limestone Asset Management and Orion Real Estate Group, both from Miami, set a St. Armands price-per-square-foot record in September, for example, when its acquired 362 John Ringling Blvd. and 371 St. Armands Circle. The $15.5 million acquisition, of units occupied by a Tommy Bahama clothing store, Le Macaron, Breezin’ Up and Sahara, equated to $1,712 per square foot. Four months later, in January, West Palm Beach-based Belmont Associates, one of the largest property owners on the Circle, acquired boutique gift shop Garden Argosy for $3.1 million. That off-market, 1031-exchange sale equated to $1,631 per square foot.

By comparison, when an affiliate of east Manatee County-based Benderson Development Co. bought three properties along the circle in June 2019 in one of the last major purchases there, the $21.43 million price tag came to $651 per square foot. Four months later, a second Benderson purchase, of 400-420 St. Armands Circle, totaled $525 per square foot. Also in June 2019, the owners of Columbia Restaurant Group acquired the building that houses its iconic restaurant, plus the space next door, for $18.23 million, or $624 per square foot.