Palm Beach real estate investor Mathieu Rosinsky purchased a 1,390-square-foot, two-story retail building on St. Armands Circle for $2.2 million.

BUYER: 438 St. Armands Circle LLC (principal: Mathieu Rosinsky), Palm Beach
SELLER: CC Properties of St. Armands LLC
PROPERTY: 438 St. Armands Circle S., Sarasota
PRICE: $2.2 million
PREVIOUS PRICE: $2.18 million, June 2008
LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION:
Palm Beach real estate investor Mathieu Rosinsky purchased a 1,390-square-foot, two-story retail building on St. Armands Circle for $2.2 million.

The price equated to $1,583 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The building is currently fully leased to MY Realty Co. and the David O’Keefe Studios Gallery.

“This is the fifth property I own on St. Armands Circle,” says Rosinsky. “I want to give it a facelift. The buildings on St. Armands Circle have improved greatly over the past decade. [This building] is a bit of an eyesore, but the location is A-plus and the tenants are A-plus.”

The purchase price equated to a pay-off ratio based on income (capitalization rate) in the low 6% range. However, Rosinsky says a long-term loan with an interest rate in the 4% range, and the likely real estate appreciation, made the investment attractive.

Rosinsky’s other St. Armands properties include 326-330 John Ringling Blvd. and 380A and 380B, 374 and 383-386 St. Armands Circle.

The purchase entity, 438 St. Armands Circle LLC, mortgaged the property to 1st United Bank for $1.36 million.