The DeLieto Team of Michael Saunders & Company Commercial has sold a .75-acre property at 100 S. Washington Blvd. for $6 million. Located on the eastern edge of downtown, the building was leased by Michael Saunders & Company for 27 years until last May.
The DeLieto Team represented the seller, Hyatt and Cici Brown Revocable Trust of Daytona Beach. The local buyer, The Education Foundation of Sarasota County, is formulating plans to renovate the building and is not ready to disclose details.
“After a long and successful tenancy in this location, the DeLieto Team of Michael Saunders & Company Commercial was honored to represent the seller in this transaction,” said Lee DeLieto, Jr. “The new ownership will solidify their presence in downtown Sarasota. We wish them all the best.”
DeLieto said the property was primed for redevelopment and was priced accordingly. “When we began marketing the site, we were pleasantly surprised to be ultimately working with a buyer with plans to retain and renovate the existing building,” he said.
After initially occupying part of the building in 1996, Michael Saunders & Company expanded its operations to the entire 9,768-square-foot building beginning in 2003. Last May, the firm’s executive, commercial and developer services teams relocated to the company’s new headquarters in the Wells Fargo Advisors Building at 1605 Main St. Additional staff who previously worked at 1801 Main St. and 40 N. Osprey St. also moved to the new site, consolidating the employees under one roof.