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SARASOTA — After more than 13 years of ownership, Howard Rooks has sold the Tommy Bahama building on St. Armands Circle to a Siesta Key investor for $6.8 million.
“I learned a long time ago you shouldn't fall in love with real estate,” says Rooks in an interview with the Sarasota Observer, sister paper of the Business Observer. An area businessman and real estate investor, Rooks sold the property as part of a 1031 exchange in which he bought the Bright House Networks building in Bradenton for $7.1 million.
Rooks says the rental income would be greater from the Bright House property than that of St. Armands building. He bought the latter site for $4.3 million in 2003.
Sperry Van Ness senior advisor Bob Morris brokered the sale.
Tommy Bahama, a restaurant, bar and connected apparel shop, has at least five years left on its lease, Rooks says, and won't be leaving St. Armands any time soon.
“It's a good little building,” Rooks says of his new property. “You won't be able to get a martini there though.”
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