Sarasota cardiac surgeon buys Venice BofA Building

BUYER: Venetian Plaza LLC, Sarasota

SELLER: Atlas FL 1 Spe LLC

PROPERTY: 304 W. Venice Ave., Venice

PRICE: $2 million

PREVIOUS PRICE: $2.2 million, October 2002

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION: Sarasota cardiac surgeon Dr. Thomas Kelly purchased a 36,371-square-foot three-story office building for $2 million.

The price equated to $55 per square foot.

The 35-year-old building was 55% occupied at the time of the sale. Its third floor is still a building shell. The downtown Venice building is anchored by Bank of America, which leases 15,870 square feet.

Calls to Kelly were not returned.

Anthony Homer of Lakewood Ranch Realty and Joe Rossi and Bret Felberg of the Orlando office of Grubb & Ellis represented the seller. Dan McLeroy Jr. and Loyd Robbins of Harry E. Robbins Associates Inc. represented the buyer.

“It was a great opportunity,” Homer says. “It has positive cash flow right now. What it really needed was someone to come along and put money into the third floor.”

The city of Venice's restrictions on development have also made existing properties more attractive, Homer says.

“It is very hard for new product to come out of the ground,” he says, “particularly in Venice Island.”