SVN coordinates $5.25 million investment property sale
SARASOTA, Fla. (February 28, 2018) – SVN Commercial Advisory Group senior advisor Tony Veldkamp, CCIM, coordinated the $5.25 million sale of the 45,603-square-foot investment property at 5250 17th Street in Sarasota.
The unique Regatta Village property is located in a growing and popular part of Sarasota, on the corner 17th Street and Honore Avenue. Especially relevant, the property benefits from the nearby Meadows Golf & Country Club, University Town Center mall and Lakewood Ranch.
Regatta Village includes educational, medical, office and retail tenants, all with multiyear leases. In addition to the remodeled building, the deal involved excess land to allow for the development potential.
Lee DeLieto Jr., of Michael Saunders Commercial, represented the buyer, LV17, LLC. Tony Veldkamp, CCIM, of SVN Commercial Advisory Group, represented the seller, Fullerton Sarasota Fruitville, LLC. The transaction closed on Tuesday.
“The sellers are an investment firm out of Toronto that I work exclusively with,” Veldkamp said. “We turned this center around in 3 years. Consequently, we are actively looking for the next large turn-around opportunity throughout southwest Florida.”
Commercial real estate brokerage provides value
Matt Christian, Managing Director of SVN Commercial Advisory Group, believes this deal is proof of how valuable a commercial real estate agent can be. “Tony worked for 3 years to increase occupancy and provide value to the real estate,” Christian said. The result is a win-win. “Both buyer and seller benefit from the business deal.”
Argosy University anchors the property, with other tenants including Sterling Realty, Cornerstone Church, Maid Pro, Swan Center, Ishpaul Medical, Edward Jones, Holistic for Pets, Georgetown Beauty, Alan Shoopak, DMD, and Bay Road Animal Hospital.