BUYER: WMS Sarasota LLC
SELLER: Ortiz/Majorca Partners LLC
PROPERTY: a portion of Ortiz Boulevard, Trionfo Avenue, Majorca Place, Zamora Avenue, Capilla Lane and Dorado Drive, North Port also known as lots 1, 17, block 49, tracts B and C, block 17 and lots 1-11, block 16, Warm Mineral Springs
PREVIOUS PRICE: $1.5 million, May 2007
LAW FIRM ON DEED: W. Kevin Russell PA, North Port
PLANS, DESCRIPTION: Brooklyn, N.Y., doctor Grigory Pogrebinsky purchased 13.5 acres next to Warm Mineral Springs Spa and Resort at the corner of Ortiz Boulevard and Majorca Place for $972,000.
The price equated to $72,000 per acre.
The four-parcel property is zoned for multifamily use and was seen as especially attractive for a townhome development.
Jim Garinger and Fred Kolb of Colliers International Southwest Florida represented the seller, and Valentina Kiktenko of Sun Realty in Naples represented the buyer. Kiktenko says the buyer is currently meeting with an architect to discuss his options for the property. Pogrebinsky's companies own a number of other parcels in the Warm Mineral Springs area, and Kiktenko says he is particularly interested in creating medical office space.
“He has been visiting Florida for the past 15 years, including Warm Mineral Springs,” Kiktenko says. “He felt that the medical service out there wasn't really that good.”
Sarasota County and the city of North Port purchased the 81-acre Warm Mineral Springs property in late 2010 for $5.5 million. The spa and spring are currently being maintained through a third party vendor/operator.
“The sale of the Warm Mineral Spring complex and the potential for improvements there created a unique development opportunity for these properties,” Kolb says in a press release. “We were able to leverage that potential and maximize the return to the seller.”