New England group buys Ringling Square

BUYER: Ringling & Orange LLC (manager: Rebecca Hunzeker), Sarasota
SELLER: Ringling Square LLC
PROPERTY: 1626 Ringling Blvd., Sarasota
PRICE: $11.5 million
PREVIOUS PRICE: $412,500, April 2002
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION:
An investment group out of New England, operating as Ringling & Orange LLC, purchased the 38,420-square-foot Ringling Square and 144-space parking garage for $11.5 million.

The price equated to $299 per square foot for the commercial space. That figure is higher than the two-year average price per square foot for retail space ($129) and office space ($119) in the Tampa Bay area, according to the CoStar Group.

The 0.69-acre parcel at the corner of Ringling Boulevard and Orange Avenue features a five-story office/retail building and a five-story, 82,309-square-foot parking garage. The commercial space is fully leased. Tenants include Sperry Van Ness, Regions Bank, Matthews Eastmoore Hardy Crauwels & Garcia PA, Jimmy John's Gourmet Sandwiches and Dwell Real Estate.

Dennis Dahm of Michael Saunders & Co. handled the transaction. The property was never actively marketed.

“One of the biggest challenges was the commercial mortgaged-backed security loan, which had to be assumed,” Dahm says. “It had a pretty heavy prepayment penalty. This buyer would have preferred to pay cash.”

Hembree & Associates will continue to manage the property for the new owner.