Two Michigan-based real estate developers have partnered for the purchase of the 125,000-square-foot Gold Bank Plaza in downtown Sarasota, Fla.

The transaction, which closed on Thursday, was valued at more than $40 million and is Sarasota’s largest commercial real estate transaction of the year, according to a press statement.

New York investor Isaac Stern sold the property to Triton Cos. and RBS Cos., which collectively have more than $1 billion in real estate holdings.

Gold Bank Plaza is located at 240 South Pineapple Ave. It is a 3-acre parcel on one city block, bounded by Pineapple Avenue, Ringling Boulevard, South Palm Avenue and McAnsh Square. The purchase consists of the 11-story office building, an eight-level, 625-space parking garage, and two vacant parcels that are available for development of residential condominiums, apartments and a commercial office building.

The existing office building was fully leased at the time of sale to firms including Gold Bank, Morgan Stanley, Morgan Keegan, and the Abel Band law firm.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Las Vegas Memorial Day sale – 44% off exclusively for Select subscribers!Register Now To Save×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription