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Key Biscayne investors buy St. Armands buildings

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  • | 5:30 p.m. January 21, 2011
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  • Manatee-Sarasota
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BUYER: St. Armands Circle Partners Ltd. (principals: Max and David Puyanic), Key Biscayne

SELLER: Hafam FL 482 LLC

PROPERTY: 482 John Ringling Blvd., Sarasota

PRICE: $2.7 million

PROPERTY: 25 N. Boulevard of the Presidents, Sarasota,

PRICE: $1.14 million

LAW FIRM ON DEED: Livingston Patterson Strickland & Siegel PA, Sarasota

PLANS, DESCRIPTION: Key Biscayne real estate investor Max Puyanic, his son David Puyanic and several silent investors bought two St. Armands Circle buildings.

The limited partnership St. Armands Circle Partners Ltd. purchased the two-story, 15,472-square-foot McCarver & Moser Jewelers building for $2.7 million and a 4,054-square-foot building housing Square on the Circle and Loralie Designs for $1.14 million.

The price equated to $174 per square foot for the larger building and $281 per square foot for the smaller single-story building.

The two buildings are 100% leased, according to Max Puyanic.

Puyanic is the founder of Commodore Realty Inc., a Key Biscayne real estate brokerage specializing in low-risk investments. Excluding the St. Armands Circle properties, his company holds a portfolio of eight retail properties statewide with a total of 848,196 square feet. Locally, he owns and manages the Publix- and Hhgregg-anchored 191,148-square-foot Sarasota Crossing shopping center, the Publix-anchored 158,000-square-foot Sarasota Commons, 136,000-square-foot Bird Bay Plaza and a 47,867-square-foot Sweetbay in Palmetto.

“I've owned quite a lot of other properties in Sarasota and have always liked St. Armands Circle,” Puyanic says. “So when the opportunity became available, we bought it. It was a little diversion from our normal routine, but its still retail space. We wanted to give investment in that area a try.”

Lee DeLieto Sr. of Michael Saunders & Co. represented the buyer and Ryan Hoffman of Wagner Realty represented the seller.


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