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BUYER: RVAI Cedars Real Estate LLC (principal: David Rosenberg), Sarasota
SELLER: Cedars Tennis & Fitness Club Inc. formerly known as Cedars Tennis Club Inc.
PROPERTY: 645 Cedars Court, Longboat Key
PRICE: $1.05 million
PREVIOUS PRICE: $1.05 million, May 2008
LAW FIRM ON DEED: David H. Rosenberg, Esq., Sarasota
PLANS, DESCRIPTION: RVA, Resort Vacation Accommodations, purchased the real estate and business operations of the Cedars Tennis Resort on Longboat Key and Barrier Island Realty Inc. RVA acquired the tennis club, fitness center, pro shop, real estate business offices, restaurant and tiki bar real estate for $1.05 million.
Tony Veldkamp, broker and managing director of Sperry Van Ness Commercial Advisory Group, will oversee Barrier Island Realty operations.
“We've been looking at it for 90 to 120 days and as we went through our due diligence, it because more and more evident it was good move for our company and the guests and owners of the Cedars,” says Larry Starr, CEO and owner of RVA. “We also saw this as a way to enter in a meaningful way into the real estate market on the northern end of the key.”
Former Cedars and Barrier Island Realty owner Randy Langley, who purchased the resort for $1.05 million in 2008, told the Business Review's sister paper The Longboat Observer that he will continue to work in real estate development and that he continues to be based out of Orlando. Langley said the role of resort manager was a new one for him.
“I think I was a mediocre resort manager,” Langley said. “I think I brought it to a 'C' level but I have no doubt [RVA] will bring it to an 'A' level.”
The purchase entity RVAI Cedars Real Estate LLC mortgaged the property to the former owner, Cedars Tennis & Fitness Club Inc., for $1.6 million.
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