Limestone Asset Management Purchases Marquee Sarasota Retail Properties for $15.5 Million: 362 St. Armands Circle & 371 St. Armands Circle
Brothers Ibrahim Al-Rashid, Salman Al-Rashid and Mohammad Al-Rashid of Limestone Asset Management Purchase the Properties Through a Joint Venture Between Limestone Asset Management and Orion Real Estate Group
Sep 29, 2020, 08:49 ET
SARASOTA, Fla., Sept. 29, 2020 /PRNewswire/ -- Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, closed on two high-end retail properties for $15.5 million at St. Armands Circle, one of Florida's most iconic shopping and dining destinations, and Sarasota's No. 1 tourist destination: 362 St. Armands Circle and 371 St. Armands Circle. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
Ocean Bank, the largest independent state chartered commercial bank headquartered in Florida, is providing financing.
Limestone Asset Management is an affiliate of Orion Real Estate Group, their joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions. Orion Real Estate Group is led by President Kevin J. Sanz. The seller was represented by Mark Drazek and Ray Romano of CBRE's Net Lease Property Group.
The property at 362 St. Armands Circle now encompasses three long-term tenants: Le Macaron, an authentic French pastry shop and sidewalk café at 362A; Breezin' Up, offering embroidered and silkscreened clothing for the entire family at 362B; and Sahara, featuring women's clothing, jewelry and accessories, at 362C. Tommy Bahama ― offering apparel for men and women, footwear, accessories and home décor ― is currently located 371 St. Armands Circle.
"Both 362 and 371 St. Armands Circle are trophy properties in booming Southwest Florida, and both of my brothers and I are very pleased to add this to our growing asset base of commercial properties within Florida," said Ibrahim Al-Rashid, chairman of Limestone Asset Management. "This modern, premier shopping and dining district, originally conceived by circus magnate John Ringling in 1925, is an upscale destination that vacationers from all over the world enjoy."
Sarasota is experiencing what City Manager Tom Barwin calls "probably the biggest growth spurt in the city's history." The influx of new residents is dominated by wealthy baby boomer retirees, young families, and entrepreneurial millennials. Overall, the county's population has grown by 16% since 2010.
Limestone Asset Management's most recent purchase prior to the St. Armands Circle properties was seven outparcels of The Mall at Millenia in Orlando, Florida for $22.7 million. The acquisition included more than 100,000 square feet of commercial and office space. Limestone currently holds $200 million in commercial and mixed-use real estate located across the U.S.
About Limestone Asset Management: Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. Its holdings exceed $200 million. For more information, visit https://orionmiami.com/our-affiliates/.
About Orion Real Estate Group: Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.
Contact:
Durée & Company, Inc.
954-723-9350
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SOURCE Limestone Asset Management
