Cast Retail owners buy Photo-Tech building

BUYER: ORR Enterprises of SRQ LLC (principals: John Paul and Kelly Orr), Sarasota

SELLER: BMR Funding LLC

PROPERTY: 440 Fruitville Road, Sarasota

PRICE: $2.5 million

PREVIOUS PRICE: $470,000, June 2001

LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: The owners of Cast Retail, John Paul and Kelly Orr, purchased the 23,454-square-foot former Photo-Tech headquarters building for $2.5 million.

The price equated to $107 per square foot.

Designed by Alfonso Architects and built in 2003, the modern building was developed to serve as the home of the corporate photography firm Photo-Tech Inc. However, Photo-Tech's client stream and business model declined sharply following the terrorist attacks of 9/11 and the recession. In 2008, lender BMR Funding LLC took title to the building.

The facility has been vacant for nearly three years.

Sarasota-based Cast Retail, which also has an office in Ventura, Calif., plans to relocate its Sarasota operations to the Fruitville building.

Ricardo Ruiz del Vizo of Keller Williams Commercial International on St. Armand's Circle represented the buyer and Susan Goldstein of Michael Saunders & Co. represented the seller.

“Cast Retail had outgrown its leased space on upper Main,” del Vizo says. “This should create about 40 jobs. That building is so unique; it was tough for an investor to come in to look at it. It had to go to an end user. That uniqueness worked perfectly for Cast Retail. They liked the open floor plan. They also negotiated a really good price.”

The purchase entity ORR Enterprises of SRQ LLC mortgaged the property to Gulfshore Bank for $2.28 million.