SARASOTA, Fla., January 16, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Cassia Cay Frontage Parcel, 18.27-acres of land located in Sarasota, Fla., according to Chris Travis, regional manager of the firm’s Tampa office.

  The buyer, a private investor, was secured and represented by Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp. investment specialists in Marcus & Millichap’s Tampa office

“The sale of this highly desirable apartment site was over 5 years in the making but in the end took only 10 days from contract to close” said Babb.  Babb added, “This land sale paves the way for a larger 32-acre development which will consist of a 300-unit luxury apartment project on the front as well as a 98-unit waterfront condominium project overlooking Sarasota Bay.  The apartments will be the first new units delivered in this submarket in over a decade.”

Cassia Cay is located at 7914 South Tamiami Trail in Sarasota, Fla., roughly 6 miles south of downtown.

                            #     #     #

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

Related