- April 3, 2015
BUYER: D&N Florida LLP (principals: David and Leslie Snyder), White Plains, N.Y.
SELLER: IGH 1528 Main LLC
PROPERTY: 1528 Main St., Sarasota
PREVIOUS PRICE: $315,400, November 2005
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota
PLANS, DESCRIPTION: David and Leslie Snyder, founders of the New York-based law firm Snyder & Snyder LLP, purchased a 1,988-square-foot retail building on Main Street for $575,000.
The price equated to $289 per square foot.
The 86-year-old building is 100% leased to Sarasota Vineyards, which has more than five years remaining on its lease. The triple-net lease requires the tenant to pay for building maintenance and property taxes.
Lee DeLieto Sr. and Lee DeLieto Jr. of Michael Saunders & Co. handled the transaction.
“They've been to the tavern as patrons and liked the return on the investment,” says Lee DeLieto Jr. “It was a good match. The [buyers] are part-time residents here in Sarasota. They enjoy St. Armands and Sarasota and wanted an ownership [interest] in that.”
Last year, the Snyders purchased the 3,131-square-foot ScoopDaddy's Gourmet Ice Cream unit on St. Armands Circle for $1.6 million.
The purchase entity D&N Florida LLP mortgaged the property to Merrill Lynch Credit Corp. for $1 million.