BUYER: Fox 41 LLC (principal: Michael Fox), Sarasota
SELLER: Swackhamer Investments VII LLC, Bmeehan Investments VII LLC and Kmeehan Investments VII LLC
PROPERTY: 50 N. Tamiami Trail, Sarasota
PRICE: $1 million
LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota
PLANS, DESCRIPTION: Sarasota resident and clothing retailer Michael Fox purchased the 3,580-square-foot building best known as the former Concession sales office on U.S. 41 for $1 million.
The price equated to $279 per square foot for the building or $70 per square foot for the land.
The building most recently housed the art gallery of TonyH20.
Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.
“They bought it at a price where they may have the opportunity to build a residential project there,” says Horn. “It's located in the downtown core, but it has Downtown Bayfront zoning. It's a really good piece of real estate with great exposure right across from the Ritz[-Carlton].”
Horn says the new owner's options also include renovating the building and leasing it out, or even demolishing the building and signing a ground lease with a tenant. The 44-year-old building is described by Horn as “in really good shape structurally.”