Expansion is part of the Theatre’s five-year strategic plan, made possible by major gifts
SARASOTA, Fla. (Nov. 14, 2017) – Asolo Repertory Theatre has purchased three properties in Sarasota as part of its five-year strategic growth plan. The properties, located at 7590 Commerce Ct., 1071 Tallevast Rd. and 5333 N. Tamiami Trail will give Asolo Repertory 29,269-square-feet of additional space. The total purchase price was $2,671,500.
Jag Grewal, CCIM, of Ian Black Real Estate represented Asolo Repertory in all three transactions. Michele Fuller of Ian Black Real Estate represented the seller of the two properties on Commerce Court and Tallevast Road while American Property Group represented the seller of the N. Tamiami Trail property.
“These acquisitions will allow Asolo Repertory Theatre to fulfill the vision they’ve outlined in their five-year strategic plan,” said Grewal, partner with Ian Black Real Estate. “Each will serve a unique purpose and together will help the organization to grow and thrive in the Sarasota market, as well as on a national stage.”
The properties located on Commerce Ct. and Tallevast Rd. are adjacent to The Robert and Beverly Koski Production Center, Asolo Repertory’s existing production and rehearsal facility. They will be used to create a state-of-the-art production center. The 19,425-square-foot Commerce Ct. property was purchased for $1,695,000, while the 4,815-square-foot Tallevast Rd. property was purchased for $426,500.
The seller was Mercedes Medical Group, who will lease back the property from Asolo Repertory while they build their new facility. Asolo Repertory is expected to move into the space early 2019.
In addition, the 5,029-square-foot N. Tamiami Trail property will serve as the Herman and Sharon Frankel Asolo Rep Annex, an auxiliary building with open-plan meeting space, archival storage, and offices for the Artistic, Education and Community Outreach staff. Prominent new signage will also increase visibility on N. Tamiami Trail.
Asolo Repertory purchased the property for $550,000 from Holy Trinity Anglican Church.
“This expansion further reiterates the strength of the arts community in Sarasota, which is a major economic driver in our city,” said Grewal. “The growth of this community is influencing activity among restaurants that want to be close to performing art centers, as well as the housing market, as larger productions require more cast and crew relocating to the area.”
More information on the Asolo Repertory Theatre can be found at www.asolorep.org.
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.
About Asolo Repertory Theatre
Now in its 59th season, Asolo Repertory Theatre is recognized as one of the premier professional theatres in America and one of the largest in the Southeastern United States. One of the few select theatres in the nation that performs in true rotating repertory, Asolo Rep’s highly skilled acting company and extensive craftsmanship bring to life this unique performance method that gives audiences the opportunity to see multiple productions in the span of a few days. Asolo Rep presents up to 10 productions each season including contemporary and classic works and provocative musical theatre experiences. A theatre district in and of itself, Asolo Rep is committed to expanding its reach into the community, furthering its collaboration with the best theatre artists working in the industry today and cultivating new artists through its affiliation with the FSU/Asolo Conservatory for Actor Training. Under the leadership of Producing Artistic Director Michael Donald Edwards and Managing Director Linda DiGabriele, Asolo Rep’s ambitious theatrical offerings and ground-breaking education and community programming engage audiences and ensure its lasting legacy for future generations.