Investor Chris Brown buys former Patrick's building

BUYER: 1400 Main LLC (principal: Christopher Brown), Osprey
SELLER: Harry Walia aka Harbhajan Ahluwalia
PROPERTY: 1400 and 1410 Main St., Sarasota
PRICE: $2.65 million
PREVIOUS PRICE: $755,000, November 1992
LAW FIRM ON DEED: Berlin-Patten PLLC, Sarasota

PLANS, DESCRIPTION: Investor/entrepreneur Chris Brown purchased a two-story retail building at the corner of Main Street and Pineapple Avenue for $2.65 million.

The price equated to $119 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The property at 1400 Main St., borders the southeast corner of the Five Points roundabout, fronting one of the most walked sidewalks in downtown.

The 22,324-square-foot building previously housed Patrick's Restaurant and currently is leased to Floribbean, a restaurant and nightclub.

Brown told the Sarasota Observer, sister publication of the Business Observer, that he has no specific plans for the property yet. Floribbean is expected to relocate to a new location on Ringling Boulevard soon.

“It is a very special building, and I want whatever goes there to be compatible with the area,” Brown said. “I think all of Main Street is a good location. But this one property in particular, I think this one is the best location in Sarasota.”

The sale also put to rest a proposed hotel redevelopment plan, suggested by the former owner, Harry Walia.

Brown is best known as the owner of The Beach Club, The Hub and The Cottage restaurant on Siesta Key. In November, he purchased two Main Street office buildings at 1718 and 1734 Main St. from an affiliate of Northern Trust Bank for $2.8 million.

Purchase entity 1400 Main LLC mortgage the property to SunTrust Bank for two loans totaling $1.8 million.

— additional reporting by Roger Drouin, correspondent