One of Sarasota’s last 24-hour restaurants has sold for $4.25 million, just days after serving its final customers.
It took just three phone calls for American Property Group to put together the sale of the former Denny’s at 3701 Bee Ridge Road to Nathan Rich of West Palm Beach-based Rich Global.
The sale closed Aug. 4, two days after the restaurant stopped serving customers.
Tyler Sluman, a commercial real estate specialist with American Property Group, told the Herald-Tribune that the existing building will be renovated to house two or three businesses, including one with a drive-through.
Sluman has worked with Rich on between $40 million and $50 million in property purchases in Sarasota and Palm Beach counties over the past five years.
Brian Seidel,
a broker associate with American Property Group, had an established relationship with Parry, helping the off-market transaction come together quickly.
“I want to say it took us, maybe, three phone calls before we had a signed contract,” Seidel said. “It wasn’t listed, it wasn’t publicly marketed, it wasn’t officially for sale but we had a phone call with Julian and I would say two phone calls later we had it under contract.”
Why was the Sarasota Denny’s property so valuable?
The 6,206-square-foot building sits on 1.59 acres at the northeast corner of Bee Ridge Road and Riviera Drive with 95 existing parking spaces.
The Denny’s property was not for sale but it fit some key criteria, noted Brian Seidel, a broker associate with American Property Group.
“One of the biggest pieces of criteria for a redevelopment site is frontage and access,” Seidel said. “This site has a lot of frontage, I think 290 feet or so, roughly, and access from multiple directions.
“That puts it in the category of a unicorn-style site,” he added. “It fits the bill for lots and lots of different entities, tenants across the broader spectrum of America that may or may not want to be in the location that we find these sites in.”
What’s planned for the redevelopment of the Denny's Sarasota property?
The current plan calls for some sort of drive-through business, likely a quick-service restaurant on one end. That would share the structure with one or two other businesses, depending on market demand and tenant space needs.
Sluman noted that in Tequesta, Florida — a village in Palm Beach County — he worked with Rich on the conversion of an old Bank of America building into a Chipotle Mexican Grill and a Fifth Third Bank.
Sluman said that he has been in contact with potential tenants but there are no signed contracts.
“We’re trying to bring some new concepts to Sarasota — some new things,” he added.
Because he and Rich are working with national tenants, it could take six months for those contracts to be signed.
Sluman said the new businesses could be serving customers in about 18 months.
Are there any 24-hour restaurants in Sarasota?
There are two 24-hour mainstays still operating in Sarasota County — both are operated by Waffle House.
One is located at 5737 Clark Road, Sarasota, and the other is at 1385 Grand Venture Drive, North Port.
What is the status of Denny’s nationally?
For more than 70 years, Denny’s has worked to earn the moniker “America’s Diner,” but the number of restaurants has been declining.
According to USA Today, the company announced in February 2025 that it planned to close at least 150 restaurants nationally.
The Denny’s website currently lists 1,241 restaurants nationallyand 99 in Florida, including one at 610 44th Ave. W, Bradenton, which is the closest one to Sarasota.
Seidel, who grew up in Sarasota, has fond memories of the now-defunct Bee Ridge Road location.
“I loved that Denny’s,” Seidel said. “I told my mom that I sold the Denny’s and my mom was like, ‘We used to take you there as a baby all the time, you loved that Denny’s.’”
“We want to tip our hats and say thank you for all the memories that we all, as Sarasota residents, shared at that Denny’s.”
Earle Kimel primarily covers local governments in Sarasota County as well as land development and environmental issues for the Herald-Tribune. Follow him on Facebook, and X. He can be reached by email at earle.kimel@heraldtribune.com. Support local journalism by subscribing.
This article originally appeared on Sarasota Herald-Tribune: One of Sarasota’s last 24-hour restaurants sells for $4.25M
