Orange Pineapple LLC recently purchased seven parcels on more than 3 acres in downtown Sarasota for $32 million. Steven Horn, CCIM, and Jag Grewal, CCIM, SIOR represented the sellers – Capstone Group Holdings LLC and Ringling & Orange 3 LLC – during the transaction.
Horn commented that “the property allows for condos, apartments or a hotel as well as retail” and added that this purchase along with their previous negotiation of The Zenith building sale earlier this year are “probably the most significant to occur in downtown Sarasota apart from The Quay in a long time”.
The buyer has yet to announce any redevelopment plans but due to its zoning status (downtown core), it is entitled to build up 50 residential units per acre with buildings reaching up 10 stories high; these numbers could be higher if affordable housing is included within their plans.
Horn and Grewal worked on this transaction over 10 months without bringing it into open market at any point throughout negotiations.
