R.E. Michel Co. Inc. buys Lime Avenue building

R.E. Michel Co. Inc. buys Lime Avenue building

BUYER: Skywater Sarasota LLC (principal: J.W. H. “Doc” Michel), Glen Burnie, Md.

SELLER: Consolidated Electric Supply

PROPERTY: 1101 N. Lime Ave., Sarasota

PRICE: $1.32 million

PREVIOUS PRICE: $522,800, December 1986

PLANS, DESCRIPTION: R.E. Michel Co. Inc., a Maryland-based wholesale heating, air and refrigeration equipment distributor, purchased a 16,500-square-foot building on Lime Avenue south of Mango Avenue for $1.32 million. The purchase price equated to $80 per square foot. R.E. Michel Co. previously had lease space at 2400 12th St.

Tony Veldkamp of Michael Saunders & Company Commercial Division handled the transaction.

“They will be moving next year after they renovate that space,” says Veldkamp. “The condition of the building was very good. It's the former Rexel building. [Rexel] consolidated their offices into one out by the airport.”