Sarasota Square Shopping Center has a new owner; purchase includes Costco, AMC
Sarasota County’s oldest indoor mall has a new owner, just over a year after the property was foreclosed.
The Sarasota Square shopping center at US 41 and Beneva Road was purchased for $ 19 million last fall by Torburn Partners of Northbrook, Illinois, in Sarasota County.
Torburn, which also bought the Macy’s building from the mall in May for $ 5.55 million, now owns the mall’s main structure, which includes Costco and AMC Theaters. The purchase does not include the JCPenney building or the former Sears.
Sarasota Square went into foreclosure under previous owner Unibail-Rodamco-Westfield in 2020. The company lost control of the property and it fell into the hands of a Miami-based receiver until the sale of Torburn.
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Westfield sold its other Sarasota property – the mall now known as Crossings at Siesta Key – to O’Connor Capital Partners in early 2021. The two companies previously jointly owned the mall until they were released. O’Connor acquires the shares of Westfield.
Torburn is privately held and operates in Florida and Illinois, according to its LinkedIn page. He doesn’t appear to have a website, but news reports from last year indicated that he was recently involved in the sale of office buildings.
Sarasota Square, which was built in 1977, suffered a similar fate to other indoor malls across the United States. Charlotte before the construction of downtown Port Charlotte in the late 1980s.
Sarasota Square lost its Macy’s and Sears anchors in 2017, and smaller indoor tenants like GNC, Express, and H&M have continued to leave, one by one. However, it’s still open, which is more than what can be said for Bradenton’s DeSoto Square shopping center, which closed in April 2021 after a long period of financial problems.
There was talk of turning Sarasota Square into a multi-family complex with a commercial component, but nothing happened.
The $ 19 million price tag is a steal compared to the $ 77 million Westfield paid for Sarasota Square in 2003. The property was valued at $ 16,577,100 last year, up from $ 80,449,500 in 2012.
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