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.