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.