Sarasota investors buy land, Mediterranea Professional Plaza

BUYER: SLS Holdings IV LLC (principals: Lita Sciturro-Smith and Sam Sciturro), Sarasota
SELLER: First America Bank
PROPERTY: 674 S. Tamiami Trail, Osprey
PRICE: $3.2 million
PREVIOUS PRICE: $3 million, July 2006
LAW FIRM ON DEED: Greene Hamrick Perrey, Bradenton

PLANS, DESCRIPTION: Sarasota real estate investors Sam Sciturro and Lita Sciturro-Smith purchased the 31,490-square-foot Mediterranea Professional Plaza for $3.2 million. The purchase included two 12,000-square-foot building pads.

The price equated to $102 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

Built in 2009, the office complex included four one- and two-story office buildings. The development was constructed with a number of energy-efficient elements, including structural insulated panels, double-pane PGT windows and spray-foam insulation.

The office development was 62% occupied at the time of the sale. Tenants include probation offices for the state of Florida, the Sarasota County Sheriff's Office, Merritt and Sanderson PA, Medway Realty and Ruggeri Insurance Agency.

The buyers were attracted by the young age of the buildings, location and future potential, says Sciturro-Smith.

Late last year, the Sciturros purchased a 1,741-square-foot Starbucks building in Port Charlotte's Peachland Promenade for $1.53 million. They also own the 18,896-square-foot Allris Plaza retail center in Ellenton.

Bernard Russell of Sandals Realty represented the buyer and Gail Bowden and Bruce Dilges of Sperry Van Ness Commercial Advisory Group represented the seller.

The purchase entity SLS Holdings IV LLC mortgaged the property to First America Bank for $2.2 million.