New Jersey investor group buys Platinum Group buildings

BUYER: RH Property Holdings LLC, Belle Mead, N.J.

SELLER: The Platinum Group Inc.

PROPERTY: 733 Commerce Drive, Venice

PRICE: $1.05 million

PREVIOUS PRICE: $375,000, June 2002

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION: A Belle Mead, N.J. investor group purchased three building in Sarasota County Interstate Business Center for $1.05 million.

The price equated to $34 per square foot.

The 2.57-acre parcel houses a 17,290-square-foot industrial building, 5,937-square-foot office building and 7,540-square-foot storage warehouse. ATM contractor The Platinum Group, which sold the buildings, has leased them all back in a long-term agreement.

The transaction was done as a short sale.

The purchase was the second for the buyer, RH Property Holdings LLC, which purchased the 5,690-square-foot 500 Central Ave. in the Rosemary district of Sarasota in August for $500,000.

Steve Horn of Ian Black Real Estate handled the transaction.