Sold Price: $2,145,000
Cap Rate: 6.44%
- Visible retail site: New construction with corner location at the intersection of Marcia St. and Tamiami Tail (more than 39,000 combined ADT), a major north-south route running through the city. Directly across from Target- and Publix-anchored shopping center, and a half-mile from Westfield Sarasota Square Mall (a more than one million square foot GLA with 4.3 million annual customer visits).
- Established tenant: Mattress Firm has the largest geographic footprint in the U.S. (over 3,600 locations in 49 states) among multi-brand mattress specialty retailers.
- Attractive investment: New 11-year, corporate-guaranteed lease with fixed 10 percent rent increases and minimal landlord responsibilities.
- Accessible, expansive trade area: Nearly 87,000 people with an average household income in excess of $90,000—and an estimated total annual household expenditure of $2.85 billion—live within five miles of the site. Trade area population of approximately 377,000 people and close proximity to other major metropolitan areas including Tampa and Miami (with accessibility via Interstate 75).
- Desirable location: Tourism contributes significantly to the Sarasota area economy, with warm climates and its coastline location along the Gulf of Mexico creating a popular beach, golf, and sport fishing destination.
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