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BUYER: Golden Coast of Sarasota LLC, Mississauga, Ontario
SELLER: Golden Apple Co. Ltd.
PROPERTY: 25 N. Pineapple Ave., Sarasota
PRICE: $1.75 million
PREVIOUS PRICE: $115,000, November 1972
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: An affiliate of Mississauga, Ontario-based Centre City Capital Ltd. purchased the 12,708-square-foot Golden Apple Dinner Theatre building for $1.75 million.
The price equated to $137 per square foot.
The Centre City affiliate leased the 200-seat theatre building back to the Golden Apple owners for at least five years.
The owners, Robert Turoff and Roberta MacDonald, faced growing financial troubles recently regarding the theatre. For one, various development efforts failed on the site. Moreover, recent construction of a parking garage and roundabout limited access to the theatre.
“The debt was mounting and mounting and mounting,” Turoff says. “There was the failed deal with (developer) Ersa Grae (Corp.) and the three others that followed. And each time we had to go back to the drawing board, we had to go further in debt.”
Centre City Capital officials couldn't be reached for comment.
John Harshman of Sarasota's Harshman & Co. Inc. represented the seller. Harshman says the Centre City affiliate owns other retail properties in Sarasota.
Golden Coast of Sarasota LLC mortgaged the building to the seller and theatre business operator Golden Apple Co. Ltd. for $250,000.
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