El Adobe site sells for $2 million

 

El Adobe site sells for $2 million

 

Date: May 6, 2014
by: Alex Mahadevan | Digital Content Producer

 
 

On Saturday, a culinary staple of the Sarasota area will close, but its sale reflects a strong local real estate market, according to the developer that bought the property.

Tampa-based Brightwork Real Estate purchased the parcel housing El Adobe for $2 million May 1. The Mexican restaurant will close after operating for 40 years on South Tamiami Trail.

"Hopefully we will have plans for it soon," said Brightwork Real Estate partner Austin Simmons. The purchase is the company's first acquisition near the intersection of Bee Ridge Road and U.S. 41.

"Sarasota is a very vibrant area and that spot right there is certainly a strong one," Simmons said.

The firm is known for buying free-standing buildings and bringing in national brands, such as Starbucks, Bank of America and Wawa, among others.

"I'd love to put a Wawa there," Simmons said, but the size is too restrictive for the convenience store, which recently announced its first Sarasota location on University Parkway.

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