Advisors with SVN Commercial Advisory Group close deal in Sarasota
Sarasota, Fla. – Mike Migone, CCIM, and Ryan McDonald of SVN Commercial Advisory Group have managed the sale of a $1.7 million retail property on St. Armands Circle, a historic shopping complex in Sarasota. The property at 464 John Ringling Boulevard currently houses Apricot Lane Boutique and is at full occupancy.
The seller, Spicy Estate, LLC, owned both the building and the boutique, which opened in 2016. The company sold the 1,665-square-foot building to pursue other options.
“You really can’t ask for a better location than this,” said Migone, a Senior Advisor at the Sarasota-based firm. “St. Armands Circle has a long history in this community of boutiques, salons, restaurants and other retail businesses. It’s a popular destination. There’s also potential for continued growth here”
John Ringling of Ringling Brothers circus fame bought the land in 1917 and developed it into a complex of residences and upscale shopping centers. The design, which endures to the present day, features a circular central park with the shops along the periphery. The complex contains 140 businesses, which include boutiques, restaurants and art galleries.
“They constructed this retail building in 1946, so it has a lot of historic appeal,” said McDonald. “But it was fully renovated in 2016, so everything is up to date. It’s just a great property.”