Shoppes at Sarasota Row
1451 1st St
- Property Size (ac): 3.90
Shoppes at Sarasota Row - Retail for sale
About this availability
- Type: Retail
- Sub-Type: Contact Us
- Tenure: Sale / Purchase
- Space Available (ac): 3.90
- Price ($USD): Contact Us
TROPHY QUALITY ASSET – Anchored by dominant organic grocer with investment grade credit (AMZN: S&P AA-) providing 55% of ABR in irreplaceable urban location surrounded by high-rise, luxury residential, hotel, office, dining, arts, entertainment.
HIGH VOLUME WHOLE FOODS – Recently-renovated, market dominant grocer (NASDAQ: AMZN) with massive sales of $930+ PSF. Whole Foods’ annual sales growth has averaged 3.8% since opening in 2005.
STARBUCKS & REGIONALLY DRAWING PARKING GARAGE – The Property draws significant pedestrian traffic with the only downtown Starbucks and hosts one of only three free public parking garages, driving vehicular traffic from around downtown and the Sarasota/Bradenton region; providing an exceptionally high parking ratio of 7.67/1000.
IRREPLACEABLE, HIGHLY WALKABLE URBAN LOCATION – Eclectic downtown Sarasota attracts suburban residents and resort visitors to rich arts, entertainment, shopping, and dining offerings.
MASSIVE BARRIERS TO COMPETITIVE ENTRY – Dense, urban location with limited sites; new retail developments likely require structured parking and anchor rents nearly 2x Whole Foods’ current rent; Whole Foods occupies entire block with massive embedded air rights value.
AFFLUENT, HIGHLY-EDUCATED CUSTOMER BASE – Surrounded by luxury high rise residential, hotel, and office buildings, including the Five Diamond Ritz Carlton Hotel & Residences – Sarasota’s affluent residents, seasonals, and visitors seek out world-renown arts and entertainment.
CUSTOM, CURATED TENANCY – Luxury service and home décor merchants cater to the growing, affluent customer base.
FAST GROWING CUSTOMER BASE – Populations of downtown and Sarasota (Florida’s 5th largest MSA) are projected to grow by 10.0% and 9.3% over the next 5 years, 37% and 28% faster than the state, respectively.
BELOW MARKET RENTS WITH OPERATIONAL UPSIDE – Approximately half the shop space leased 20%+ below market rent. Leased and managed by the original developer, self-managing and leasing can yield significant cost savings.