A joint venture between Baird, JMB Parent and GPS Industries has acquired the Sarasota Main Plaza for $18.1 million. The 254,677 square foot mixed use center is located at 1991 Main Street on an 8.6 acre parcel and traded for just over $71 per square foot. Positioned as a redevelopment opportunity, the center is located at the intersection of Fruitville Road and Washington Boulevard (U.S. Highway 301). The plaza’s tenants include Regal Cinemas, the Florida Department of Revenue, Sarasota Family YMCA, Seaside National Bank and Sarasota County municipal offices. Senior Director Patrick Berman and Director Jason Donald of Cushman & Wakefield represented the seller Paragon Realty Group in the transaction.
“Sarasota Main Plaza is a landmark property with tremendous potential,“ said Berman. “The property’s ideal location, accompanied by its high-density zoning, allows for the development of apartments, hotel rooms, retail space, condominiums and office space.”
