Orange Pineapple LLC has 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 – in the transaction.
Horn commented that “the property allows for condos, apartments or a hotel as well as retail space” adding that this purchase alongside the sale of Zenith building earlier this year are two of the most significant deals to occur in downtown Sarasota apart from The Quay.
The buyer has yet to announce any redevelopment plans but due to its zoning (downtown core) it is entitled to build up 10 stories with 50 residential units per acre; however these numbers could be higher if affordable housing is included within their plans.
Horn and Grewal worked on this transaction over a period of 10 months without bringing it out into open market.
