A beloved retail destination has found a new steward. LQ Commercial successfully brokered the $8,900,000 acquisition of “Chili’s Plaza” by introducing a private investor to the Sarasota retail center.
The 34,610-square-foot retail center at 4141 S. Tamiami Trail is a community favorite and is located in a thriving Sarasota commercial real estate corridor. Fully occupied by an array of local tenants including Anytime Labs, AJI Ceviche restaurant, Shine Hair Design Studio, Loved Again Boutique, and the La Locanda di Diego restaurant, Chili’s Plaza is a staple of the community.
LQ Commercial Investment Advisor, Mark Shellabarger emphasized this as a unique acquisition. “Chili’s Plaza is a retail center that everyone in Sarasota knows. The seller [C. Plaza of Sarasota, Ltd] did a great job during its 25-year ownership, and with curating the current tenant lineup. The new owner plans to carry that torch and continue to improve this asset.”
He added that “the forthcoming Bath + Racquet Residences & Club will drive additional customers to Chili’s Plaza.” Its strategic proximity to Bath + Racquet further secures the assets’ long-term value in an area of continuing vibrancy. Once completed, this condo community will feature 256 condo units, a 43,500-square-foot private club, 13 tennis courts, 16 pickle ball courts, and 22,000 SF of commercial space.
Shellabarger represented the buyer in the transaction, a New York private investor, who already owns commercial property in the Sarasota market.
