A New England investment group under the name Ringling & Orange LLC has purchased the Ringling Square building in downtown Sarasota for $11.5 million. Built in 2005, the 124,527 square foot building sold for $92 per square foot. At that price, the building traded below replacement cost. The asset is a five-story office and retail building with an adjacent five-story parking garage. The seller was the building’s original developer, Ringling Square LLC. Office space is in high demand In Sarasota, driven by the number of downtown residential developments currently planned or under construction.
