Italians buy historic Pineapple building, plan new retail store

BUYER: Zini LLC (manager: Maria Borri Zini), Sarasota
SELLER: 127 Pineapple LLC
PROPERTY: 127 S. Pineapple Ave., Sarasota
PRICE: $875,000
PREVIOUS PRICE: $500,000, December 2010
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota

PLANS, DESCRIPTION:
Buyers from Italy purchased a 2,324-square-foot historic retail building for $875,000.

The price equated to $377 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The two-story building was originally constructed in 1920. It features two residential units on the top floor and 1,162 square feet of retail space on the ground floor. At the time of the sale, the residential units were leased, but the retail space was vacant.

The buyers were attracted by the uniqueness of the building and prospect of owning downtown retail space. They plan to use it to open a new store devoted to Italian tableware.

Ricardo “Ric” Ruiz del Vizo and Brett Kaplan of Team Optimus of Keller Williams Commercial represented the seller and Marielle Hoffman of Keller Williams Sarasota Metro represented the buyers.