All Event Rental buys building for The Devyn event venue

BUYER: All Event Rental LLC (principal: Carl Wise), Sarasota
SELLER: Jamalapa Properties LLC
PROPERTY: 7113 S. Tamiami Trail, Sarasota
PRICE: $3 million
PREVIOUS PRICE: $850,000, October 1981

PLANS, DESCRIPTION:
Carl Wise's All Event Rental and Design purchased the 18,428-square-foot former Sam Seltzer Steakhouse and Livingston's Billiards retail building for $3 million.

The price equated to $163 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The Sarasota-based buyer purchased the property to create a new event venue called The Devyn, according to Jennifer Matteo, event and marketing director for All Event Rental and Design.

“We're fully renovating the space with hardwood flooring, exposed brickwork and finished concrete,” she says. “There will be three separate ballrooms with seating for a total of 700. Being in the event business, we see that there is a very strong need for new event sites. We're taking bookings for it right now.”

The Devyn is scheduled to open in June.

Barry Seidel and Adam Seidel of American Property Group of Sarasota Inc. handled the transaction.