Retail Property in Downtown Sarasota Sells for $4.65 Million

Free-standing 18,120-square-foot building is currently leased to Staples

CTO17 Sarasota LLC has sold an 18,120-square-foot retail property in downtown Sarasota for $4.65 million to an undisclosed buyer. The free-standing building, located at 1900 Fruitville Rd., is currently 100% leased to Staples.

George Brusco, CCIM, of Ian Black Real Estate represented the seller, which is part of the Daytona, Florida-based CTO Realty Growth Inc., in the transaction. Kevin Robbins of Harry E. Robbins Associates Inc. represented the buyer.

“We had a high level of interest in the property, based on the location and square footage,” said Brusco, broker associate at Ian Black Real Estate. “A retail building of this size in downtown Sarasota is unique, and it’s ideally situated in terms of location.”

The seller, CTO Realty Growth, Inc. (NYSE: CTO) is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.6 million square feet in the United States. The REIT owns eight income property investments in Florida.

About Ian Black Real Estate

Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

About CCIM

“CCIM stands for Certified Commercial Investment Member. For more than 50 years, CCIMs have been recognized as leading experts in commercial investment real estate. The CCIM lapel pin denotes that the wearer has completed advanced coursework in financial and market analysis, and demonstrated extensive experience in the commercial real estate industry.”