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BUYER: Osprey Avenue Properties LLC, Hollywood
SELLER: F. Donald and Nancy Ann Herman, individually and as trustees of the F. Donald Herman Revocable Living Trust and Nancy Ann Herman Revocable Living Trust
PROPERTY: 3701 S. Osprey Ave., Sarasota
PRICE: $1.92 million
PREVIOUS PRICE: $543,600 and $692,786, November 1997
LAW FIRM ON DEED: Band Law Group PL, Sarasota
PLANS, DESCRIPTION: A Hollywood insurance firm purchased a 12,264-square-foot office building for $1.92 million.
The price equated to $157 per square foot.
The entity that bought the building, Osprey Avenue Properties LLC, is made up of Harvey Sheldon and Charlotte Floyd, co-owners of Hollywood-based Advanced Insurance Underwriters,
The building will be the new home for Advanced Insurance Underwriters and Progressive Community Management. The two companies currently share space at 1803 Glengary St., Sarasota. Progressive Community Management is expected to lease 10,000 square feet in the building.
Advanced Insurance Underwriters, faced with an expiring lease, chose to buy a building to lock-in a location and cost, says Sheldon. It also gives the firm space to grow, Sheldon adds.
“It fit what we needed space-wise,” he says. “It was near the same location. We also liked the way the offices were built out. We will be paying pretty much the same [in] rent as we will owning the building.”
Advanced Insurance Underwriters is scheduled to move into the space in August and Progressive Community Management expects to move in by September.
The purchase entity Osprey Avenue Properties LLC mortgaged the property to the former owners F. Donald and Nancy Ann Herman and their living trusts for $1.25 million.
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