BUYER: Angelshot LLC, Sarasota
SELLER: LBK Realty LLC
PROPERTY: 505 S. Orange Ave., units C1 and C2, Sarasota
PREVIOUS PRICE: $971,000, April 2008
LAW FIRM ON DEED: Band Weintraub PL, Sarasota
PLANS, DESCRIPTION: Sarasota businessman Jim Abrams purchased units C1 and C2 in the Kanaya condominium for $645,000.
The price equated to $167 per square foot.
The two levels of commercial offices features a total of 3,863 square feet. The first level was already finished, but the interior of the second level was never developed. The sale also included some furnishings.
Abrams expects to use the first level for his personal office. Plans for the second level are still in flux.
In 2010, Abrams sold his Clockwork Home Services to energy supplier Centrica for $183 million. Since then, his first new business venture has been Duvals New World Cafe, a Sarasota restaurant that opened in November.
Dennis Dahm of Michael Saunders & Co. represented the seller and Mike Migone of Sperry Van Ness Commercial Advisory Group represented the buyer.
“He liked the building,” Migone says. “The price was good, and the location was excellent. For the most part all of the distressed units have been sold off or waiting to be closed. The association is very healthy. He's been looking for a place to call home since he sold his business in the Five Points building.”