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Manatee-Sarasota
Business Observer Friday, Aug. 16, 2013 7 years ago

Provident Equities LLC buys building, land in east Sarasota

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The price equated to $72 per square foot.

BUYER: Provident Equities LLC (principal: Thomas Dooley), Sarasota
SELLER: Gary and Melba Schmidt, individually and as trustees of the Melba Howard Schmidt 2007 Revocable Trust and the Gary H. Schmidt 2007 Revocable Trust
PROPERTY: 78 and 88 Sarasota Center Blvd., Sarasota
PRICE: $812,000
PREVIOUS PRICE: $2.1 million, April 2007
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: A purchase entity led by Thomas Dooley purchased the 11,227-square-foot Ardaman & Associates building and a 1.04-acre adjacent lot for $812,000.

The price equated to $72 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

Engineering consulting firm Ardaman & Associates Inc. will continue to lease much of the building.

Ian Black and Steve Horn of Ian Black Real Estate represented the seller and Ken and Ryan Morrissey of Re/Max Alliance Group represented the buyer.

Purchase entity Provident Equities LLC mortgaged the property to Regions Bank for $812,000 and the former owners, Gary and Melba Schmidt, individually and as trustees of the Melba Howard Schmidt 2007 Revocable Trust and the Gary H. Schmidt 2007 Revocable Trust for $300,000.

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