Leedom Management Group buys Sarasota headquarters building

BUYER: Leedom Management Group Inc. (principal: Christopher Leedom), Sarasota

SELLER: Fifth Third Bank

PROPERTY: 3700 S. Tamiami Trail, Sarasota

PRICE: $2.91 million

PREVIOUS PRICE: $1.2 million, May 1993

LAW FIRM ON DEED: McGuireWoods LLP, Charlotte, N.C.

PLANS, DESCRIPTION: Leedom Management Group Inc. purchased its Sarasota headquarters for $2.91 million.

The price equated to $176 per square foot.

The 1.1-acre property features a two-story, 14,457-square-foot building, which houses Leedom Management Group, and a vacant 2,128-square-foot former bank building with four drive-thrus.

The automotive-focused consulting and training firm has leased the property from Fifth Third Bank since March 2008. It recently decided to execute its option to buy.

“We renovated and remodeled it three years ago,” says Chris Leedom, president and CEO of Leedom Management Group. “We feel it's a good place to house the company headquarters ... and that we plan to be there for quite some time. We have been kicking around leasing [the smaller building] to a bank. Short of that we have no plans for it.”

The 12-year-old Sarasota company has grown from just four employees to 45.

Leedom Management Group mortgaged the property to Synovus Bank of Florida for $2.6 million.