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Orange Pineapple LLC Acquires 3.1-Acre Land In Downtown Sarasota For $32M

Property Image
SOLD
$32,000,000
Jag Grewal
HG

Florida

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Land
Sold 06/01/2023
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Property Image
SOLD

Orange Pineapple LLC Acquires 3.1-Acre Land In Downtown Sarasota For $32M

Sarasota

See Similar Deals
Land
Sold 06/01/2023
Jag Grewal
HG
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Land
Transaction Type:Sale

Virginia-based development company Orange Pineapple LLC has acquired seven parcels in downtown Sarasota for a total of $32 million. The 3.1-acre property offers potential for residential and commercial development. The specific plans for the property have not yet been revealed.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $32,000,000
  • Market: Sarasota
  • Asset Type: Land
  • ACRES: 3.1

Horn & Jag Grewal from Ian Black Real Estate represented both the buyer, Orange Pineapple LLC, and the seller, Capstone Group Holdings LLC and Ringling and Orange 3 LLC, in this transaction.

Players

Jag Grewal
Jag Grewal
5 deals$76.4M volume
BROKER
HG
Horn Grewal
1 deal$32M volume
BROKER

Details

SOLD
IMAGE: Jag Grewal DATE: 06/01/2023 MARKET: Sarasota ASSET TYPE: Land ~ ACRES: 3.1 BUYER: Orange Pineapple LLC SELLER: Capstone Group Holdings LLC; Ringling and Orange 3 LLC BROKERS: Horn & Jag Grewal - Ian Black Real Estate SALE PRICE: $32,000,000 NOTE: Virginia-based development company Orange Pineapple LLC has acquired seven parcels in downtown Sarasota for $32 million. The 3.1-acre property offers potential for residential and commercial development, with plans yet to be revealed.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,706,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91