BUYER: Sarall Ltd. (principals: David and Susan Macrae), Nokomis
SELLER: Charles Miles, as trustee for 50% interest and Mary Jo Patterson as trustee of the Mary Jo Pattison Revocable Trust
PROPERTY: 229 W. Venice Ave., Venice
PRICE: $2 million
LAW FIRM ON DEED: Kaetsky Moore & Deboer PA, Venice
PLANS, DESCRIPTION: David and Susan Macrae have finally closed on their purchase of the 16-room El Patio Hotel for $2 million.
The price equated to $125,000 per room.
David Macrae says the six retail stores on the bottom level is what convinced him to buy the property.
“I own eight other stores on West Venice Avenue,” he says, “and I purchased it for the retail clients it had in place. It's a very stable, good location, and if someone decided to leave I felt confident I could find someone else to lease the space. I feel like Venice could be the next St. Armands Circle.”
Tenants in the 24,000-square-foot building include the restaurant T J Carney's, Fraser's Island Gift Nook, a barbershop, a bar and restaurant and a toy store.
“The hotel component is actually a very small percentage of the revenue from the building,” says Macrae.
Further, he says the new owners are considering changing the business model for residential space.
Courtney Green and Patty Wheeler of Signature Sotheby's International Realty represented the seller and Bonnie Price and Richard Bradway of Signature Sotheby's International Realty represented the buyer.