Saudi billionaire’s son buys two area retail stores for $15.5 million

SARASOTA — A joint venture from Miami led by South Florida businessman and philanthropist Ibrahim Al-Rashid — the son of Saudi billionaire Dr. Nasser Ibrahim Al-Rashid — has purchased a pair of retail properties on St. Armands Circle.

Miami-based Limestone Asset Management, an affiliate of Orion Real Estate Group, bought 362 St. Armands Circle and 371 St. Armands Circle, according to a press release. Limestone, where Ibrahim Al-Rashid is chairman, paid $15.5 million for the properties, the release adds.