U.S. Postal Service buys downtown building

BUYER: United States Postal Service, Dallas

SELLER: Post Office Associates LLLP

PROPERTY: 1661 Ringling Blvd., Sarasota

PRICE: $1.06 million

PREVIOUS PRICE: $575,000, January 1988

LAW FIRM ON DEED: Pineiro Byrd PLLC, Jupiter

PLANS, DESCRIPTION: The United States Postal Service purchased its 44,360-square-foot post office building and 5,900-square-foot service garage in downtown Sarasota for $1.06 million.

The price equated to $21 per square foot.

The sale comes after a roughly two-year legal fight between the postal service and the former owners, the Band and Olivieri families. The U.S. Postal Service was attempting to exercise a purchase option in its lease agreement to buy the property and building for $825,000. The former owners had argued that the purchase price was far below the actual value of the property.

The property appraiser assessed the just market value of the property this year at $6.29 million.

The postal service says in statement that while it believed its case against the former buildings' owners was strong, it paid the extra money above the $825,000 to avoid protracted litigation.

“In addition, the costs associated with a move to another location in Sarasota would have been substantial if the Postal Service were to lose,” the statement says.