Sarasota entrepreneurs buy building for second Fyzical location

BUYER: Maraba LLC (principals: Paul Marchese and James Abrams), Sarasota
SELLER: Paul Grissom as trustee
PROPERTY: 1945 Versailles St., Sarasota
PRICE: $1.1 million
PREVIOUS PRICE: $2.45 million, March 2003

LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION:
Sarasota businessmen Paul Marchese Jr. and Jim Abrams purchased the 12,768-square-foot former Sarasota Therapy Center commercial building for $1.1 million.

The price equated to $86 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The building currently houses a single tenant, Sarasota Arthritis Center.

The new owners plan to renovate the building to create the second location for Fyzical, a new physical therapy franchise led by Abrams.

Abrams is best-known for creating a network of services companies called Clockwork Home Services. That company was sold to energy supplier Centrica in 2010 for $183 million. Since then, he started Duvals New World Cafe, a Sarasota restaurant, and opened the first Fyzical at 5922 Cattlemen Lane, Suite 100, Sarasota.

Dennis Dahm of Michael Saunders & Co. represented the seller and Mike Migone of Sperry Van Ness Commercial Advisory Group represented the buyers.