Naples investors buy Orion Bank branch

BUYER: 1790 Main Street Sarasota LLC (principals: David Goduti and Robert Grammen), Naples

SELLER: Federal Deposit Insurance Corp. as receiver of Orion Bank

PROPERTY: 1790 Main St., Sarasota

PRICE: $1.2 million

PREVIOUS PRICE: $1.01 million, April 2002s

LAW FIRM ON DEED: Ed Stout Esq., Dallas

PLANS, DESCRIPTION: David Goduti and Robert Grammen of Naples purchased a 5,816-square-foot Orion Bank building in downtown Sarasota for $1.2 million.

The price equated to $206 per square foot.

Goduti and Grammen, partners with Naples-based private equity real estate firm EFO Financial LLC, have an agreement to lease the vacant building to an undisclosed bank. The two-story bank building was built in 2003.

“It's at an attractive corner at Main Street and Osprey [Avenue],” Goduti says. “We believe in the long-term value of the Sarasota market.”

The partners plan to have a bank branch on the bottom floor of the building and executive offices on the top.