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BUYER: KGJ Properties Management LLC (principal: Kimberley Jordinson), Sarasota
SELLER: Cadence Bank NA, successor by merger with Superior Bank
PROPERTY: 1515 and 1551 Fruitville Road, Sarasota
PRICE: $1.25 million
PREVIOUS PRICE: $3.4 million, September 2004
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: A company led by Sarasota interior designer Kimberly Jordinson purchased 1.15 acres housing the 16,254-square-foot former Churchills Furniture building for $1.25 million.
The price equated to $77 per square foot for the building space, or $25 per square foot for the land.
In 2004, Mark Miller, co-owner of the Sarasota-based luxury waterfront homebuilder Waterside Investment Group Inc., and Chad Bratzke, a former defensive end for the Indianapolis Colts, purchased the property to develop a five-story commercial building and a 375-space parking garage.
The real estate market collapse killed those plans, and in early late 2009 Superior Bank foreclosed on the property.
Empire Gallery, a used home furnishings and accessories store, has leased the retail building since mid-2010. It is not expected to remain at the property following the sale.
The Business Review was unable to contact Jordinson for comment.
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