Investor buys two vacant buildings

BUYER: 17th Street Sarasota LLC (principal: Vincent Payne), Sarasota

SELLER: City National Bank of Florida

PROPERTY: 1844-1864 17th St., Sarasota

PRICE: $1 million

LAW FIRM ON DEED: William E. Schockett Esq., Miami

PLANS, DESCRIPTION: Vincent Payne of Sarasota purchased two vacant office buildings for $1 million.

The price equated to $25 per square foot.

The 4.32-acre property, a block from Washington Boulevard, features a 30,433-square-foot building and a separate 9,898-square-foot building. The Florida Department of Children and Families previously leased 15,388 square feet in one of the buildings.

Gary Tasman and Brandon Stoneburner of Commercial Property Southwest Florida LLC, an alliance member of Cushman & Wakefield, represented the seller. Tasman says the buildings were sold as an investment.

Payne couldn't be reached for comment.

Payne's purchase entity, 17th Street Sarasota LLC, mortgaged the property to the Kompo Family Co. LLC for $1 million.