Sarasota County Arthritis Center buys Versailles Office Center

BUYER: Sarasota County Arthritis Center LLC (principal: Edward Sarbey), Sarasota
SELLER: Maraba LLC
PROPERTY: 1945 Versailles St., Sarasota
PRICE: $1.43 million
PREVIOUS PRICE: $1.1 million, March
LAW FIRM ON DEED: Vogler Ashton, Bradenton

PLANS, DESCRIPTION: The Sarasota County Arthritis Center has purchased the 12,768-square-foot Versailles Office Center for $1.43 million.

The price equated to $112 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.

Located on the north side of Versailles Street between U.S. 41 and Osprey Avenue, the two-story building was constructed in 1987. The Sarasota County Arthritis Center previously leased the entire building.

The seller, an entity composed of Sarasota businessmen Paul Marchese Jr. and Jim Abrams, purchased the building for $1.1 million ($86 per square foot) in March. Those owners had proposed renovating the building to create a second location for Fyzical, a new physical therapy franchise led by Abrams.

The Sarasota County Arthritis Center did not respond to calls requesting comment on the purchase.

The buyer mortgaged the property to Bank of America NA for $1.44 million.