SVN Commercial Advisory Group manages sale of $1.975 million, 1.44 acre development site in Sarasota, FL. - SVN Commercial Advisory Group Commercial Real Estate Services Sarasota & Manatee Counties

SARASOTA, Fla. (September 17, 2019) – Senior Advisor, Mike Migone,CCIM of SVN Commercial Advisory Group recently coordinated the sale of a 1.44 acre parcel of land in Sarasota, FL. Tembo Enterprises, LLC, was the seller. The buyer was Tamiami Trail Apartments, LLC. Purchase price was $1,975,000. Migone represented both sides of the deal.

Tamiami Trail Apartments, LLC plans to develop the land on Tamiami Trail, into a four floor multifamily apartment complex consisting of 47-units.

“It was the only available property in the area with entitlements already in place for 47 apartment units. We closed on the neighboring land last year, which is now being developed into a Starbucks. Both of those factors, plus its proximity to Ringling College, made it very appealing to potential buyers,” said Migone concerning the deal.

Tamiami Trail Apartments, LLC plans to break ground on the development sometime in the last quarter of the year.

Contacts

Matt Christian, Managing Director
SVN Commercial Advisory Group
Office: 941-343-4520
matt.christian@svn.com

Mike Migone, Senior Advisor
SVN Commercial Advisory Group
Office: 941.487.6986
mike.migone@svn.com

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