Palm Avenue Properties buys small retail strip
BUYER: Palm Avenue Properties LLC (principal: Mark Kauffman), Sarasota
SELLER: Palm Avenue Investments Properties LLC
PROPERTY: 1270 and 1272 Palm Ave., Sarasota
PREVIOUS PRICE: $164,300, May 2002
LAW FIRM ON DEED: Dunlap and Moran PA, Sarasota
PLANS, DESCRIPTION: Palm Avenue Properties, a company owned by prominent Sarasota developer Dr. Mark Kauffman, purchased a 1,900-square-foot retail strip along Palm Avenue west of Main Street for $410,000. The purchase price equated to $216 per square foot. Petals on Palm Ave. occupies one of the building's two units. The second space is vacant. The building is across the street from the city's proposed $12-million parking garage.
Steve Ross with Hembree and Associates Inc. handled the transaction. Eric Massey and Linda Emery of Michael Saunders & Co. will be marketing the vacant unit.
The purchase entity Palm Avenue Properties mortgaged the property to the former owner Palm Avenue Investments Properties for $450,000.
Kauffman also transferred a nearby 1,000-square-foot strip unit at 1274 Palm Ave., Sarasota to the same ownership entity, Palm Avenue Properties.