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Orange Pineapple LLC has purchased seven parcels on more than 3 acres in downtown Sarasota for $32 million

Orange Pineapple Buys 3.1 Acres in Downtown Sarasota for $32M

Orange Pineapple LLC, with a $16.5 million loan from BridgeInvest, has purchased seven parcels on more than 3 acres in downtown Sarasota for $32 million. Steven Horn, CCIM, and Jag Grewal, CCIM, SIOR, represented the sellers, Capstone Group Holdings LLC, and Ringling and Orange 3 LLC, in the transaction.

“The property allows for condos, apartments, hotel, retail,” Horn said. “This and the $24 million deal we negotiated for the sale of the Zenith building downtown earlier this year are probably the most significant — apart from The Quay — to occur in downtown Sarasota in a long time.”

The buyer has not announced redevelopment plans. However, the property is zoned downtown core, entitled to building up to 10 stories and 50 residential units per acre. The unit count could be higher if the buyer includes affordable housing in the plans.

Horn and Grewal worked on the transaction for 10 months and never brought the property to open market.

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About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.

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