A review of commercial property sales in the Sarasota and Manatee county region in the 12-month period between July 2008 and July 2009 offers a stunning snapshot of just how far the real estate market here has plunged. The top five commercial deals in the two counties totaled $46.6 million, less than half the $111.7 million total for the same period in 2007-08 and only about one-fourth of the $183.6 million total for 2006-07. 

“Commercial real estate is in the dumpster in the entire state,” says Sarasota broker Tom Coler of Buyer’s Broker of Southwest Florida. “From Naples to Sarasota, it is dire. And no way [are we] near the bottom—way too much freaking inventory, and more coming online daily.” Conditions in Bradenton and Sarasota are “sad,” Coler adds, “and Venice-Osprey is beyond sad.”

A search through the records in the Sarasota and Manatee county property appraisers’ offices reveals that four of the top five deals involved Publix Super Markets, the Lakeland-based grocery chain. Three of the supermarkets were among the 49 Florida stores that Publix acquired last year from Albertsons for an estimated $500 million. Publix spokeswoman Shannon Patten says Publix is a “stable company, around since 1930, and this 49-store purchase gave us the opportunity to grow and also be in areas where we weren’t before.”

Coler doesn’t expect commercial real estate to rebound any time soon. “There has to be a strong economic recovery before any commercial will improve,” he says. “I do not see it for many moons. The current commercial vacancy rate is very high and going higher. We have many years of inventory currently, many millions of square feet of empty commercial space.”

It’s a dark picture, but some closed deals did brighten the year.

Sarasota's Top 10 Deals 

1.  

Sale Price: $14 million

Address: 525 Bay Isles Parkway, Longboat Key

Closing Date: Sept. 2, 2008

Seller: Dead River Properties Inc.

Buyer: Avenue of the Flowers Acquisition Company (Publix Super Markets Inc.)

Previous Sale: $5 million on June 1, 1983

Publix has operated an exceptionally well-stocked supermarket for many years at this location, serving an upscale clientele that includes snowbird visitors spending the winter on Longboat Key. Publix acquired the property (422,532 square feet of land and 101,351 square feet in building space) from Dead River Properties, a Maine corporation. The purchase did not include Town Plaza II, a second shopping center behind Town Plaza I. The company is now reviewing plans for what to do with Town Plaza I, where eight of the 16 storefront spaces are empty and available for lease. Despite what appears to be a 50-percent vacancy, Publix spokesperson Shannon Patten describes the purchase as “a great investment.” Furthermore, she says, “It doesn’t hurt when we are our own landlord.”

2.  

Sale Price: $10 million

Address: 985 U.S. 41 Bypass S., Venice

Closing Date: March 27, 2009

Seller:  Suncoast Imports

Buyer: C & B Motors

Previous Sale:  $1,586,500 on Oct. 28, 2005

C & B Motors, a Toyota dealership owned by Compton Cramer Jr. and Richard Bond, purchased its neighbor, a Honda dealership across the street from their Toyota business. C & B paid $10 million for the Honda dealership’s real estate property, which included 103,487 square feet of land with a 33,449-square-foot building. C & B acquired the dealership business, including inventory and furniture, in a separate transaction for an undisclosed amount of money.

3.

Sale Price: $7,840,700

Address: 4840 S. Tamiami Trail, Sarasota

Closing Date: Sept. 8, 2008

Seller: ABS Fla Investor LLC

Buyer: Publix Super Markets Inc.

Previous Sale: $5.98 million on June 1, 2006

Located in the Landings Shopping Center, this supermarket was built in 1988 and occupies a 72,245-square-foot building on 254,425 square feet of land. Now open and operating as a Publix, this is another of the 49 Albertsons stores that Publix bought last year.

4.

Sale Price: $5 million

Address: 3601 Bee Ridge Road, Sarasota

Closing Date: Jan. 29, 2009

Seller: Olympia Development Group Inc.

Buyer: Walgreens Store No 3332 LLC, Deerfield, Ill.

Previous Sale:  $1.6 million on Sept. 16, 1994

5.

Sale Price: $4.9 million

Address: 3210 Fruitville Road, Sarasota

Closing Date: Sept. 30, 2008

Seller: Sarasota Radiation Therapy

Buyer: Nationwide Health Properties Inc., Newport Beach, Calif.

Previous Sale: $775,000 on Sept. 1, 1994

6.  

Sales Price: $4.5 million

Address: 1890 Stickney Point Road, Sarasota

Closing Date: Nov. 20, 2008

Seller: 1870-1894 Stickney Pt Road Holdings LLC

Buyer: Saba Empire LLC, Sarasota

Previous Sale: $4.5 million on Sept. 4, 2008

7.

Sale Price: $4.3 million

Address: 959 Venice Ave., Venice

Closing Date: Sept. 30, 2008

Seller: Sarasota Radiation Therapy (21st Century Oncology Inc.)

Buyer: Nationwide Health Properties Inc., a Maryland corporation with a Newport Beach, Calif., address

Previous Sale: $275,000 on June 16, 1997

8.  

Sale Price: $4.2 million

Address: 1538 Stickney Point Road, Sarasota

Closing Date: Aug. 7, 2008

Seller: George C. Perreault Charitable, Remainder Unitrust #2

Buyer: Dock N Dine LLC, Sarasota

Previous Sales: $100 on June 17, 2008, and $1.35 million on March 18, 1998

9.

Sale Price: $4.05 million

Address: 6771 Professional Parkway, Sarasota

Closing Date: Dec. 30, 2008

Seller: Dorman Lakewood Ranch Property Group

Buyer: Lakewood Heart LLC, Parrish

Previous Sale: $3,825,000 on May 2, 2005

10.  

Sale Price: $3,868,700

Address: 6204 N. Lockwood Ridge Road

Closing Date: Dec. 29, 2008

Seller: Gateway Financial Holdings of Florida Inc.

Buyer: Gateway Bank of Southwest Florida, Sarasota

Previous Sale: $3.56 million on Aug. 22, 2007

Manatee’s Top 10 Deals 

1.

Sale Price: $7,946,400

Address: 4651 Cortez Road W., Bradenton

Closing Date: Aug. 29, 2008

Seller: ABS Fla Investor LLC

Buyer: Publix Super Markets Inc.

Previous Sale: $5.76 million on June 1, 2006

Built in 1990, this concrete-block stucco supermarket operated as an Albertsons until Publix purchased it last year, along with 48 other Albertsons. Publix says the store, which is now closed, is expected to reopen in early December. It’s in the Bradenton Commons, across the street from the entrance to the Pinebrook/Ironwood Golf Course.

2.

Sale Price: $6,857,900

Address: 1101 Eighth Ave. W., Palmetto

Closing Date: Aug. 29, 2008

Seller: ABS Fla Investor LLC

Buyer:  Publix Super Markets Inc.

Previous Sale:  $5,562,800 on June 1, 2006

Publix opened this former Albertsons store in late December. It is located in Palmetto on 5.9 acres of land in a building constructed in 1982.

3.  

Sale Price: $3.95 million

Address: 101 22nd St. N., Bradenton Beach (12-unit, low-rise hotel/motel built in 1969)

Closing Date: Sept. 11, 2008

Seller: OB Tropic Isle LLC

Buyer: AMI’s Tropic Isle Inn LLC

Previous Sales: $10 on Aug. 29, 2008, and $4,098,000 on Nov. 25, 2005

4.

Sale Price: $2.25 million

Address: 2200 Gulf Drive N., Bradenton Beach

Closing Date: July 18, 2008

Seller: Seaside of Florida

Buyer: Seaside Resort holdings LLC

Previous Sale: $2.55 million on March 12, 2004

5.

Sale Price: $1.7 million

Address: 4905 S.R. 64 East, Bradenton (car wash/convenience food mart built in 2001)

Closing Date: Dec. 17, 2008

Seller: ABC-1 LLC

Buyer: Karakara LLC, Clearwater

Previous Sale: None listed on property records

6.  

Sale Price: $1,535,000

Address: 5100 Cortez Road W., Bradenton (office building)

Closing Date: Oct. 24, 2008

Seller: K2M 5100 Cortez LLC

Buyer:  1MB LLC

Previous Sale: $1,305,000 on Nov. 30, 2007

7.

Sale Price: $998,800

Address: 7155 S.R. 70 E. Bradenton (drive-in  restaurants)

Closing Date: Oct. 20, 2008

Seller: JJSAHoury LLC

Buyer: DQF Properties One LLC

Previous Sale: $2.31 million on Feb. 28, 2005

8.  

Sale Price: $985,000

Address: 5858 Cortez Road W., Bradenton

Closing Date: May 21, 2009

Seller: Bradenton Land

Buyer: Cortez Trust Co. LLC

Previous Sale: $840,000 on Nov. 13, 2008

9.

Sale Price:  $625,000

Address: 6920 14th St. W., Bradenton (service stations)

Closing Date: Dec. 12, 2008

Seller: Marina Gas Station

Buyer: Senturk Marketing Inc.

Previous Sales: $10 on Nov. 5, 2008; $10 on Sept. 15, 2008; $1 million on April 28, 2008; and $2.35 million on Jan. 3, 2006

10.  

Sale Price:  $591,700

Address: 6310 Health Park Way, Unit 101, Bradenton

Closing Date: Aug. 25, 2008

Seller: Lakewood Ranch

Buyer: RSS Developers LLC

Previous Sale: No prior sales listed ■