Redeveloped property at Fruitville and 301 sells

On May 22, Theatre Associates II, LLP sold the property located at the intersection of Fruitville Road and U.S. 301 to Connecticut-based business Lincoln PK Partners LLC for $4.45 million. Bank of America opened a branch at that location last fall and is currently leasing and will continue to lease the property.

Former property owner Wayne Ruben, who is a partner of Sarasota-based Ruben-Holland Development, says he’s working with another buyer on the adjacent property, which currently houses Staples, and should close on that deal in mid-June.

The two parcels combined make up just less than 2.5 acres of land. For Ruben, who developed both properties from a parking lot to two commercial buildings, it’s great news.

“I’m pretty proud of it,” he says. “And Sarasota didn’t lose Bank of America after all.”