Siesta Key Village buildings sell for $4.6 million

A 300-foot block of storefronts on the main drag of Siesta Key Village changed hands this week, becoming the most expensive commercial real estate sale on the island in a least a decade. And the investor is aggressively seeking more Siesta land.

Jeff Berlin bought the Siesta Center on Ocean Boulevard for $4.6 million this week, adding another four parcels to his company’s local real estate assets since moving to Sarasota six years ago. The roughly 20,000 square feet of retail space is 85% leased, with tenants that include the Village Café, the recent addition Siesta Key Mermaids and even a Sarasota County Sheriff’s Office substation.

“It's one of the three unique, crown-jewel locations in the county,” Berlin said. “It’s in the category of St. Armands Circle and Main Street — it’s a unique commodity that can’t be reproduced."

A firm headed up by iconic local philanthropist Dennis McGillicuddy bought the properties for $1.1 million in 1994, and Berlin said the recent sale came about through discussions between the parties without the use of a broker. The new owner has already hired Sarasota-based Hembree & Associates Inc. to manage the property, and is planning upgrades to the buildings.

“That would be great, because this place is like a dead zone,” said Siesta Key Mermaids owner Jayde Morgan. “If we get a facelift and a new paint job we’ll be booming.”

Berlin joins property investor Chris Brown and longtime Davidson’s Drugs owner John Davidson as the most prominent property owners on the north side of the Village, and hopes to bolster the area’s retail offerings.

“We’d like to attract retail that will generate a little bit more traffic for the existing tenants there,” Berlin said.