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Business Observer Monday, Nov. 20, 2017 3 years ago

Theater purchases properties for $2.7M

The properties purchased by Asolo Repertory Theatre will provide 29,269 square feet of additional space.

SARASOTA — Asolo Repertory Theatre recently purchased three properties in Sarasota for about $2.7 million.

The purchases are part of the theater's five-year strategic growth plan, according to a press release. The purchases will give Asolo 29,269 square feet of additional space.

The properties are at 7590 Commerce Court, 1071 Tallevast Road and 5333 N. Tamiami Trail. The 19,425-square-foot Commerce Court property and the 4,815-square-foot Tallevast Road property are adjacent to Asolo's existing production and rehearsal facility. They will be used to create a production center.

The seller was Mercedes Medical Group, which will lease back the property from the Asolo while the company builds its new facility in Lakewood Ranch, a statement says. The Asolo is expected to move into the space in early 2019.

The 5,029-square-foot North Tamiami Trail property will serve as an auxiliary building with meeting space, archival storage and offices for the artistic, education and community outreach staff. Asolo purchased the property from Holy Trinity Anglican Church.

“This expansion further reiterates the strength of the arts community in Sarasota, which is a major economic driver in our city,” says Jag Grewal of Ian Black Real Estate, who represented Asolo Repertory in the transactions.

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