- November 25, 2009
BUYER: Bethkom Holdings LLC (principal: Vincent Payne), Sarasota
SELLER: H&P Realty Group LLC
PROPERTY: 1517 State St., Sarasota
PRICE: $1.15 million
PREVIOUS PRICE: $750,000, June 2002
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Lakewood Ranch
PLANS, DESCRIPTION: Dr. Gary Kompothecras, the namesake founder of the 1-800-ASK-GARY medical/lawyer referral service and president of the accident clinics chain 1st Health Inc., purchased the 14,940-square-foot Enterprise Building on State Street for $1.15 million.
The purchase price equated to $77 per square foot or $98 per leasable square foot. However, Kompothecras agreed to pay the building's past-due taxes, all commissions and all closing costs, which added roughly another $160,000.
Less than 3,000 square feet of the three-story building's 11,700 square feet of leasable space was occupied at the time of the sale.
Kompothecras plans to locate an insurance business he owns into the 4,500-square-foot top floor of the building. He also plans to house his IT department in roughly 800 square feet on the first floor. The remaining 2,000 square feet will be leased out.
Aside from the obvious benefits to his two businesses, Kompothecras says the building was a quality investment and that he feels that downtown Sarasota real estate is cheap right now.
“One of the main reasons I decided to buy it was the free parking across the street,” he says. “I've heard the city plans to build a three-story parking garage there. If there hadn't been parking there, there would have been no purchase. There's almost no one with cash right now. I was able to find financing. This is the prime time to buy real estate.”
Kompothecras says he is considering remodeling the building to offer more side views of downtown.
The transaction was done as a short sale.
Lee DeLieto Sr. and Lee DeLieto Jr. of DeLieto & Associates of Michael Saunders & Co. represented the seller and Michael Bush of Re/Max Alliance Group represented the buyer.
DeLieto Sr. says the price, particularly on per square-foot basis, was very attractive.
“That downtown core zoning has been averaging $140 a square foot the past three years,” he says.
The purchase entity Bethkom Holdings LLC mortgaged the property to Hancock Bank for $950,000.