Limestone Asset Management and Orion Real Estate Group’s September purchase of a pair of St. Armands Circle retail shops in Sarasota set a record in the shopping district for price per square foot, according to a Business Observer analysis.
The Miami companies' $15.5 million acquisition of 362 John Ringling Blvd. and 371 St. Armands Circle worked out to $1,712 per square foot.
The two properties, which total 9,053 square feet, are occupied by a Tommy Bahama clothing store, Le Macaron, Breezin’ Up and Sahara.
By comparison, when a Benderson Development Co. affiliate bought three properties along the circle in June 2019 in one of the last major purchases there, the $21.43 million price tag came to $651 per square foot.
Four months later, a second Benderson purchase, of 400-420 St. Armands Circle, totaled $525 per square foot.
"We view the market there, and particularly on St. Armands, as having a very positive trajectory," says Orion Real Estate President Kevin Sanz.