Major downtown properties for sale
Two large commercial parcels in downtown Venice are on the market as the owners seek new investments. Reports indicate interest in downtown properties is booming with retail stores being snapped up within hours by enthusiastic new and existing businesspeople.
The 27,000-square-foot El Patio Motor Hotel complex, a multi-tenant retail building in the prime 200 block of West Venice Avenue, is being marketed at $3.3 million. Since acquiring the whole parcel 14 months ago, David Macrea of Casey Key has converted the second-floor hotel into 12 one-bedroom and two two-bedroom apartments. The retail portion includes five stores and TJ Carney’s.
“I like commercial, but I am not keen on residential,” said Macrea, who has listed the parcel with Michele Fuller of Ian Black Associates till year’s end. “If it is not sold, I am considering making the hotel portion into condominiums and selling it off as apartments.”
Macrea purchased the whole property in the name of Sarall Ltd. for
$2 million in May 2011.
The second and even larger parcel is the 40,033-square-feet Burgundy Square, fronting West Miami Avenue and stretching to Ponce De Leon Avenue.
“This an important part of downtown Venice,” said broker Ian Black of Ian Black Associates, “an entire, well-established complex of 22 retail and 27 residential units with little or no vacancies during the recession, and a waiting list.”
Owner Peter Richards has listed it at $6.9 million.
“I now live in Deer Valley, Utah, and have intentions of returning to investments in the RV and mobile home parks business,” he said.
Rainmaker Trading Company LLC, owned by Richards, acquired the complex in several transactions, including 2,947 square feet for $2.3 million in 2001 and a 6,329-square-foot section built in 1962 for $2 million in 2007, according to the Sarasota County Property Appraisers website.
Stores, restaurants and offices occupying the premises will continue business as normal, unaffected by the potential sale of the properties.