Palmer Crossing sold for $57 million [South Florida]
Sarasota developers William Saba and Thomas F. Kelly closed a whopper of a commercial real estate deal last week when they sold the Palmer Crossing Shopping Center to a Tampa investment group for $57 million.
The price comes to $300 per square foot for the 147,000 square feet of existing retail space and the 43,000 square feet that Saba and Kelly have promised to build within the next 18 to 24 months.
“It was a very strong sale for our economic times,” said Sue Ault, a Sarasota commercial real estate agent, who specializes in retail properties.
“The price speaks well for our retail market. The buyers obviously think there is future value here.”