Investor buys six Main Street buildings

In a single transaction, Canadian businessman Lou Donato became one of the largest owners of Main Street real estate.

Several Donato-led companies purchased 23,345 square feet of retail space in five contiguous buildings and a 5,000-square-foot vacant building for $4.3 million total April 23. (See sidebar.) The price equated to $184 per square foot.

DeLieto & Associates of Michael Saunders & Co. represented Donato, who purchased the properties from Rosalie Shmalo and Dr. John Hanna.

Donato could not be reached for comment, and Wagner Realty real-estate agent Ryan Hoffman, who represented the sellers, declined to comment on the future of the property, citing a desire for confidentiality. Hoffman, though, has been retained by Donato to continue to manage the properties.

The buildings are currently 100% occupied. Tenants include The Lemon Tree Boutique, Angsana Sarasota, Happy Feet Plus and Wet Noses.

Donato mortgaged the properties to the seller for $3.1 million.

In previous transactions, Donato-led companies also purchased the undeveloped Devonshire Park property for $1.6 million and the four-unit Outrigger Apartments building on Golden Gate Point for $1.05 million.

Donato is also the owner of the Japanese restaurant chain, Teriyaki Experience, and Mrs. Vanelli’s Fresh Italian Foods.

Main Street purchases
• 1453 Main St., Sarasota
BUYER: Main 1453 LP (principal: Lou Donato), Oakville, Ontario, Canada
SELLER: Hafam FL 1453 LLC
PRICE: $775,000

• 1441 Main St., Sarasota
BUYER: Main 1441 LP (principal: Lou Donato), Oakville, Ontario, Canada
SELLER: Hafam FL 1441 LLC
PRICE: $775,000
 
• 1471 Main St., Sarasota
BUYER: Main 1475 LP  (principal: Lou Donato), Oakville, Ontario, Canada
SELLER: Hafam FL 1475 LLC
PRICE: $775,000

• 1465 Main St., Sarasota
BUYER: Main 1465 LP  (principal: Lou Donato), Oakville, Ontario, Canada
SELLER: Hafam FL 1465 LLC
PRICE: $775,000

• 1459 Main St., Sarasota
BUYER: Main 1459 LP (principal: Lou Donato), Oakville, Ontario, Canada
SELLER: Hafam FL 1453 LLC
PRICE: $775,000

• 1466 Main St., Sarasota
BUYER: Main 1466 LP  (principal: Lou Donato), Oakville, Ontario, Canada
SELLER: Hafam FL 1466 LLC
PRICE: $425,000