Owner Lists The Retail Plaza For Sale
Sarasota, FL (April 30, 2018) – MS&C Commercial, a division of Michael Saunders and Company, has successfully leased all of Cobia Bay Plaza, a retail and office space located at 5045 Fruitville Road in Sarasota. The newest tenants take up over 15,000 square feet of space, including Jack Dean Flooring, Burn Boot Camp, AltMed LLC, and CreateU D-I-Y Workshop. They join existing tenants Jet’s Pizza, Sleep Number, and the UPS Store.
“This area of Fruitville Rd. presents a high-traffic, strong visibility location for retailers. We are excited to see it completely leased out with the final addition of Create U D-I-Y Workshop,” said Matt Drews, Director of Sales and Leasing for MSC Commercial. “The team was outstanding at thinking outside of the box to price the space effectively and target the right businesses for this particular location.”
Built in 2011, Cobia Bay Plaza is in close proximity to shopping centers currently anchored by Target and Publix. While it sits in the heart of a strong retail zone, the retail-style exterior coupled with the more industrial feel of the building’s interior had posed a challenge for traditional tenants. More than 50 percent of the space had been vacant for some time.
Daniela Kaskey, an agent with MSC Commercial, reported “We drew on our experience with traditional retail and commercial leasing to right-size the lease rates and collaborate with the team to position the product for a tenant who would appreciate the contemporary hybrid environment.”
“I was very open to the suggestions around client mix and repricing,” said Joe Formella, owner of the retail plaza. “I was impressed with how they reached out to traditional retailers they had in their database and the strategic marketing plan used to find the ideal tenants. Upon the signing of the final long-term lease agreements, I felt very positive with the decision to put Cobia Bay Plaza on the market for purchase”.
Kaskey stated “The successful lease-out shows the strength of the market and the desire for such retail space in an ideal location.”
According to the MSC Commercial quarterly market report, retail space in Sarasota and Manatee counties remains in high demand, partly due to growth in the number of year-round residents. Rents continue to rise and residential sales are fueling retailer success.
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