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 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.