Pines of Sarasota buys adjacent cement plant

BUYER: 1100 Central Avenue Corp. (principals: Dr. David Giordano, Michael Pender Jr. and Dr. Robert Windom), Sarasota
SELLER: Gate Precast Co.
PROPERTY: 1167 and 1199 N. Orange Ave. and 1100 Central Ave., Sarasota
PRICE: $1.9 million
PREVIOUS PRICE: $1.24 million, August 2001 and $1.17 million, May 2006
LAW FIRM ON DEED: Kimbrough & Koach LLP, Sarasota

PLANS, DESCRIPTION: Pines of Sarasota Inc. purchased an 8.6-acre cement plant for $1.9 million.

The price equated to $220,930 per acre.

The property, which is south of the Pines' 17-acre existing campus, includes a steel building and a separate 4,000-square-foot warehouse building.

The nonprofit plans to hold a variety of community meetings sometime in the future to help develop a plan for the site.

“The first reason for the purchase is to make sure it was not used for a purpose that undermined or threatened the existence of our campus or residents,” says John Overton, president and CEO of Pines of Sarasota. “We have no immediate plans for the site, but in our opinion it presents a tremendous creative opportunity for our organization. When we are ready to move forward we know we will have a plan that's well conceived and carried out to benefit not just Pines but the entire community.”

Opened in 1948 as a nursing home by The Kiwanis Club of Sarasota, the Pines of Sarasota is the second-largest nonprofit employer. Its existing campus houses a 204-bed skilled nursing center, 72-bed residential assisted-living facility, two rehabilitation centers, a thrift store, child daycare center and the Pines of Sarasota Educational Institute. The Sarasota facility currently serves more than 300 people a day.

Tony Veldkamp of Sperry Van Ness Commercial Advisory Group handled the transaction.