Palo Alto, Calif., couple expands Main Street holdings

BUYER: 1480 Main Street LLC (principals: Robert Hinden and Maryann Hinden as trustees, Palo Alto, Calif.

SELLER: IGH 1480 Main LLC

PROPERTY: 1480 Main St., Sarasota

PRICE: $580,000

PREVIOUS PRICE: $505,000, August 2004

LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION: Robert and Maryann Hinden of Palo Alto, Calif., purchased a 2,200-square-foot Main Street retail building for $580,000.

The price equated to $263 per square foot.

The vacant building was originally constructed in 1931.

Lee DeLieto Sr. of Michael Saunders & Co. represented the seller and John Harshman, president and owner of Harshman & Co. Inc., represented the buyers.

The Hinden family, which has owned property on Main Street since the '70s, currently owns 1516 Main St. The building was recently renovated to accommodate national retailer Penzeys Spices, which has agreed to lease it.

“They just acquired 1480 with plans to do the same thing there, a nice renovation to lease it up,” Harshman says. “They've hired Seibert Architects [PA] to do the design for the storefront. Main Street remains one of the more vibrant areas in one of the more challenging real estate markets. I think you are starting to see that all the improvements both public and private along Main Street are really starting to pay dividends.”