HFF closes $27M sale of waterfront development site in Sarasota, Fla.

HFF closed the $27-million sale of a 14.54-acre waterfront development site located at 333 North Tamiami Trail adjacent to Sarasota Bay in Sarasota, Fla.

HFF represented the seller, an affiliate of National Asset Management Agency (NAMA). Jacksonville, Florida-based GreenPointe Communities purchased the asset for $27 million.

The site is located at the intersection of North Tamiami Trail and Fruitville Road in downtown Sarasota and is bound by Sarasota Bay to the west, a Hyatt Regency hotel to the north and the Ritz-Carlton Hotel and Residences to the south. The property is entitled for the development of 695 residential units, 190,000 square feet of commercial space and 175 hotel rooms.  The site also includes protected marina space that could potentially be incorporated into any future land uses.

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The HFF investment sales team representing the seller was led by managing director Jaret Turkell, executive managing director Manuel de Zárraga and associate director Scott Wadler.

Ron Kriss of Stroock & Stroock & Lavan LLP provided legal counsel for the seller.  The firm also handled the foreclosure of the property from the former owners.