July 29, 2019 – JLL announces that it has closed the $10.3 million sale of a rare collection of four curated retail properties totaling 30,188 square feet in downtown Sarasota, Florida.
JLL marketed the property on behalf of the seller, Lemon Avenue Properties, LLC.
Situated in the heart of Downtown Sarasota’s thriving urban core at 1500 and 1501 Main Street and 22 and 35 Lemon Avenue, the properties are along the Main Street and Lemon Avenue corridors, the primary retail streets that serve downtown Sarasota. The affluent, urban neighborhood is experiencing a development renaissance and densification and is known for its walkability, vibrant arts community and proximity to world-famous beaches, Siesta Key and lido Beaches. More than 143,699 residents earning an average annual household income of more than $85,000 live within a five-mile radius of the properties. The collection is 89% leased to a variety of notable tenants, including Sur La Table, Bluemercury, Eileen Fisher, Hyde Park Prime Steakhouse, Boca Kitchen, J. McLaughlin and Sara Campbell.
The JLL Capital Markets team that represented the seller included director Eric Williams, senior managing director and co-head of HFF’s retail practice Daniel Finkle and managing director Luis Castillo.
“Downtown Sarasota is one of the most exciting and dynamic urban neighborhoods in Florida,” Williams said. “Investor appetite for retail within Downtown Sarasota is robust, and this collection of assets represented the rare opportunity to acquire a dominant retail position within the submarket with the area’s largest concentration of national retailers.”