Limestone Asset Management Purchases Marquee Sarasota Retail
Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has closed on two high-end retail properties in Florida for $15.5 million at St. Armands Circle, one of Florida’s most iconic shopping and dining destinations. It is also Sarasota’s No. 1 tourist destination.
Limestone Asset Management invests in and acquires real estate properties across all asset classes throughout North America.
Ocean Bank, the largest independent state chartered commercial bank headquartered in Florida, provided the financing.
Limestone Asset Management is an affiliate of Orion Real Estate Group, their joint venture partner in the deal. 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; Breezin’ Up, offering embroidered and silkscreened clothing for the entire family; and Sahara, featuring women’s clothing, jewelry and accessories. Tommy Bahama is located 371 St. Armands Circle.
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 currently holds $200 million in commercial and mixed-use real estate located across the U.S.
