Virginia-based development company Orange Pineapple LLC bought seven parcels totaling approximately 3.1 acres near the intersection of Ringling Boulevard and Orange Avenue in downtown Sarasota for $32 million.
Steven Horn, CCIM, and Jag Grewal, CCIM, SIOR, represented the sellers, Capstone Group Holdings LLC, and Ringling and Orange 3 LLC, in the transaction.
â€œThe property allows for condos, apartments, hotel, retail,â€ Horn said. â€œThis and the $24 million deal we negotiated for the sale of the Zenith building downtown earlier this year are probably the most significant â€” apart from The Quay â€” to occur in downtown Sarasota in a long time.â€
The buyer has not yet announced plans to redevelop. However, the property is zoned downtown core and is entitled to building up to 10 stories and 50 residential units per acre by right; but the unit count could be far higher if the buyer includes affordable housing in the plans.
Horn and Grewal worked on the transaction for 10 months and never brought the property to open market.
â€œWe were looking for the right buyer who would have both the financial wherewithal and experience to redevelop the property, and this offering was a great fit for Orange Pineapple LLC,â€ Grewal said. â€œThis has a lot of potential to play a major role in downtown Sarasotaâ€™s continued transformation, and to expand commercial activity across Ringling Boulevard in the downtown core. We are excited about the opportunity to contribute to the development and growth of downtown Sarasota, and we anticipate that our efforts will have a substantial positive effect on the city as a whole.â€
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industryâ€™s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com.