5 Point Equity LLC bought a 13,000-square-foot retail property on U.S. 41 just north of Sarasota Memorial Hospital in Sarasota for $7 million, according to a press release.
The 1.35-acre site at 1427 S. Tamiami Trail is next to the Baymont by Wyndham Sarasota hotel, a property 5 Point Equity LLC bought in 2022 for $8 million. The 99-room hotel site spans 2.2 acres, bringing the total acreage of property to 3.5 acres for potential future development.
An aerial view of the $7 million retail property purchased by 5 Point Equity LLC on U.S. 41. The view is southwest toward Sarasota Memorial Hospital.
Current tenants of the property include Integrated Dental of Florida, Playa Bowls, Curaleaf Dispensary Sarasota and Verizon.
Ian Black Real Estate agents Steve Horn and Jag Grewel facilitated by the sale and purchase of the property, respectively.
The nearby Sarasota Memorial Hospital, which has undergone expansion projects in recent years, and a mix of restaurants, retail stores, apartments and hotels in the surrounding areas presented a “terrific opportunity for the buyer,” Grewel said in the news release.
The property is less than six miles from the Sarasota Bradenton International Airport and is close to popular tourist spots like Marie Selby Botanical Gardens, Desoto Speedway, The Ringling and Siesta Key.
Ella Thompson covers real estate and development for The Sarasota Herald-Tribune. Contact her at ethompson@gannett.com.
This article originally appeared on Sarasota Herald-Tribune: Company buys $7 million retail building, owns over 3 acres on U.S 41