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Business Observer Friday, Mar. 30, 2012 8 years ago

Sarasota firm buys Crab & Fin building

The St. Armands Circle retail building sold for $367 per square foot.

BUYER: Diventi St. Armands LLC, Sarasota

SELLER: Roger Hurd, as personal representative of the Estate of Steve Lochirco, deceased

PROPERTY: 400 St. Armands Circle, Sarasota

PRICE: $4.85 million

PREVIOUS PRICE: $2.2 million, July 1993

LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Sarasota real estate investment firm Diventi Inc. purchased a 13,228-square-foot retail building on St. Armands Circle for $4.85 million.

The price equated to $367 per square foot.

Built in 1972, the two-story building houses the Crab & Fin seafood restaurant, Coldwell Banker brokerage and Tilden Ross Jewelers.

“We just felt it was a good location and a great piece of property,” says Dora Thomas, president of Diventi. “Since just about anything on St. Armands is almost always fully leased, we felt it was a good investment.”

The purchase entity Diventi St. Armands LLC mortgaged the property to Branch Banking and Trust Co. for $3 million.

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