Sarasota dentists buy First State branch

BUYER: Schroeter Brothers Properties LLC (principals: Drs. Steve and Dave Schroeter), Sarasota

SELLER: Federal Deposit Insurance Corp. as receiver for First State Bank

PROPERTY: 5700 Clark Road, Sarasota

PRICE: $800,000

PREVIOUS PRICE: $771,100, August 1994

PREPARER: : Federal Deposit Insurance Corp., Dallas

PLANS, DESCRIPTION: Sarasota dentists Dr. Steve and Dave Schroeter purchased a 5,998-square-foot First State Bank branch for $800,000. The price equated to $133 per square foot.

The dentists plan to move their practice to the building from a leased space at 2171 Siesta Drive.

“We were mainly attracted to the location,” says Dave Schroeter. “We have a lot of folks coming from the interstate so we wanted to be close to the highway. Our space there will be twice as large.”

The Clark Road building's current two tenants, Allstate and a CPA firm, will continue to lease their units.

The Schroeters plan to reconfigure the interior of the building and make some plumbing changes prior to occupying it. They expect the construction work to take six months.

The Schroeter brothers mortgaged the property to Insignia Bank for two loans totaling $868,320.

Marcia Cuttler of American Property Group of Sarasota Florida Inc. represented the buyer and Tom Karpenske and Jarib Rodriguez of CB Richard Ellis represented the seller.