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MAY 2016 941.349.0194 | ISLAND VISITOR PUBLISHING, LLC
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Lender files foreclosure suit against Landings Shopping Center owner
NEWCOMERS PARTY
Staff Report
|Suit involves several parcels with the shopping center
Photos Photos from the LMA and LRC from the LMA and LRC newcomers reception
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KIDS CORNER
A lender has filed a foreclosure lawsuit against the Delaware-based company that owns the majority of the property within the Landings Shopping Center. According to the lis pendens suit filed in December, 2015 in the Circuit Court of the 12th Judicial Circuit, the Plaintiff, U.S. Bank, National Association, as trustee for Morgan Stanley Capital Inc., has instituted the foreclosure filing against the owner, Landings of Sarasota Florida LLC. A total of at least three parcels — filling about 93,000 square feet of indoor space — within the Landings Shopping Center are included in the foreclosure suit. However, the free-standing buildings near the shopping center — including Sweet Tomatoes and Olive Garden — are separately owned and not impacted by the foreclosure proceedings. In addition, the parcel that houses the Publix grocery space, 4840 S. Tamiami Trail, is also
separately owned, by Publix Super Markets Inc., and thus is not impacted by the proceedings. The plaza, at 4800 S. Tamiami Trail, was built in 1988, according to Sarasota County Property Records. Centrally located on Tamiami Trail, the shopping center is one of the largest in the county, but has been hit with a spate of vacant storefronts, including Office Depot, which recently left the center. Starting in 2014, the national office retailer began closing hundreds of stores nationally. According to the foreclosure suit, the original mortgage for the property was recorded Oct. 5,2005. The shopping center is located on U.S. 41 just outside The Landings, and neither the plaza nor its owner Landing of Sarasota Florida LLC is affiliated with The Landings or LMA in any way. There is a total of ten parcels within the center.
Find Find out what Isaac Argen out what Isaac Argen enjoys during his spare time
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7 Francis & Dr. Jessie Hoang
LMA PRESIDENT’S COLUMN
Presented Presented by current president by current president Larry Lawrence
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RULES OF THE ROAD Reminders from the Safety & Security Committee
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By Diana Colson
Walk up to the front door on Starling Drive, and you are greeted with a doormat t h a t s a y s W I P E Y O U R PAWS, and a door sign that says A SPOILED ROTTEN SCHNAUZER LIVES HERE. Francis Hoang answers the door looking about 28 years old, although he’s 45. He is followed by Aria, age 2 ½, who greets me with a “High Five.” In a nearby high chair sits Hanh, 15 months old, looking EXTREMELY skeptical at the arrival of a stranger. Jessie Hoang steps forward with a smile, shaking my hand and welcoming me. This slim youthful lady is also a
pediatrician who works for All Children’s Hospital at Sarasota Memorial Hospital. There, her official title is Pediatric Hospitalist: she admits kids and stabilizes them, takes care of them while they are in the hospital, and ultimately discharges them. She also takes care of well babies when they are born, examining them to be sure they are healthy before releasing them to go home. Francis and Jessie met seven years ago when they were both students at St. George’s University School of Medicine in Grenada. Continued on page 25
Commercial Realtor Ron Flynn said commercial foreclosure proceedings could span a lengthy range of time, up to several years, to resolve. If the bank does take possession of the center, at that time the bank could opt to either get a broker to list the commercial property on the market or auction it off, Flynn said. An auction sale would likely result in a lower sale price, a scenario which could allow a new owner to come in and rent the retail spaces at lower rates that could be viewed by retailers as more competitive with other, nearby commercial rents. Either method of sale could attract potential investors drawn to the shopping center’s central location on U.S. 41 between Bee Ridge Road and Clark Road. According to real-estate leasing information advertised online, more than 50,000 daily drivers pass the plaza.