Sarasota Housing Authority buys Osprey Avenue building

BUYER: Osprey Housing LLC (Sarasota Housing Funding Corp.), Sarasota

SELLER: 269 South Osprey LLC

PROPERTY: 269 S. Osprey Ave., Sarasota

PRICE:$1 million

PREVIOUS PRICE: $200,000 in 1999

LAW FIRM ON DEED: BridgeTrust Title Group, St. Petersburg

PLANS, DESCRIPTION: A nonprofit affiliate of the Sarasota Housing Authority purchased a 6,782-square-foot office building on Osprey Avenue for $1 million.

The price equated to $147 per square foot. The two-year average price per square foot for office space is $115 in the Tampa Bay area, according to the CoStar Group.

The authority plans to relocate its executive offices into 1,600 square feet on the top floor of the building and its Section 8 Housing office in 3,500 square feet on the first level. The authority plans to lease out another 1,700 square feet in the building.

“We hope to move sometime in the July timeframe,” says Bill Russell, the authority's executive director. “It will require almost no work. We'll be doing some tree trimming and very, very little remodeling. We were leasing space near Five Points and we were maxed out. With rents going up and interest rates as low as they are we thought it would be smartest to lock up the property and give us enough room to grow.”

DeLieto & Associates of the Commercial Division of Michael Saunders & Co. represented the buyer and Diane Lawson of Sperry Van Ness represented the seller.

The purchase entity Osprey Housing LLC mortgaged the building to Branch Banking and Trust Co. for $240,000.