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BUYER: Sarasota Association of Realtors Inc. (principals: Michael Bruno, Stafford Starcher, Laura Benson, Peter Crowley and Roger Piro), Sarasota
SELLER: DTSM LLC
PROPERTY: 2320 Cattlemen Road, Sarasota
PRICE: $1.35 million
PREVIOUS PRICE: $5.4 million, November 2004 (included additional property)
BUYER: DTSM LLC (principal: David McNabb), Bradenton
SELLER: Sarasota Association of Realtors Inc.
PROPERTY: 3590 S. Tuttle Ave., Sarasota
PRICE: $1.2 million
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: The Sarasota Association of Realtors and White Oak Development Ltd. have traded properties. The association sold its three existing 12,540-square-foot headquarter buildings on Tuttle Avenue to White Oak Development and purchased White Oak Development's vacant 3.7 acres at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard. The transfers cancelled out all but the association's payment of $150,000 to White Oak Development.
The association plans to develop a slightly larger 15,000-square-foot headquarters building with vastly expanded parking. The new facility will contain offices for a staff of 12, a technical training center, meeting rooms, a conference room and 199 parking spaces. That's up from just 85 spots in the current building.
“This agreement freed up more cash for us for the building process,” says Kathy Roberts, the association's CEO. “We've been here for more than 30 years and at that time our membership was considerably smaller than it is today. We outgrew our parking years ago. When we have events we need to limit attendance.”
Mark Sultana of DSDG Inc. designed the association's proposed new building. Halfacre Construction Co. is set to begin construction as soon as the site plan is approved, and occupancy is expected next summer. The association has budgeted the cost of constructing the new building at $3 million.
Loyd Robbins and Dan McLeroy Jr. of Harry E. Robbins Associates Inc. represented White Oak Development in the transactions.
“We had an owner with vacant land and a building owner that wanted land,” Robbins says. “It made sense to do a trade with a lease back provision so that the association can move their equity out of the building and into the new property. They can also stay in the current location until the new building is constructed, so there are no disruptions.”
White Oak Development will consider three options for the current association building. It will sell it, lease it or break it up and turn it into business condos.
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