Jewish Family and Children's Service buys Ringling's Rivo building

BUYER: Jewish Family and Children's Service of Sarasota-Manatee Inc. (principals: Rich Segall, Kathy Killion, Larry Eger, Marie Monsky, Karin Grablin, Gerri Aaron and Rose Chapman), Sarasota
SELLER: Conforto Ringling LLC
PROPERTY: 1753 Ringling Blvd., Sarasota
PRICE: $1.38 million
PREVIOUS PRICE: $1.63 million, November 2008
LAW FIRM ON DEED: Henry P. Trawick PA, Sarasota

PLANS, DESCRIPTION: The Jewish Family and Children's Service of Sarasota-Manatee Inc. purchased a 7,603-square-foot office building in downtown Sarasota for $1.38 million.

The price equated to $181 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The seller, a U.K. investment fund, purchased the four-story freestanding building with an undeveloped interior in late 2008. It developed the second floor as a gymnasium for 20 Minutes to Fitness and installed the plumbing and some limited interior work on the third floor.

The Jewish Family and Children's Service of Sarasota-Manatee says the purchase and interior renovation was funded by a gift of The Louis & Gloria Flanzer Philanthropic Trust. The group says it plans to offer counseling, education, social services, as well as community outreach programs from the new location. It will be named the Gloria & Louis Flanzer Campus.

Renovations are scheduled to start this fall for an expected January opening.

Kevin Robbins of Harry E. Robbins Associates represented the seller and Stan Rutstein of Re/Max Alliance Group represented the buyer.