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.