Amid all the local real estate deals and development going on, here's one that isn't like the rest. 

Baird, Inc. has acquired 1400 and 1410 Main St. for a combined $13 million—and plans don't include a wrecking ball.

The seller, local real estate mugul and co-founder of the Above the Bar Hospitality Group, Chris Brown, bought 1410 Main St.—the site of Sunburn Cannabis—in 2013 for $1.35 million. That same year, he bought 1400 Main St., home of Fit2Run, for $2.65 million.

Both buildings were built in 1928, but neither is historically designated. The Fit2Run building is zoned "downtown bayfront," meaning a developer could build up to 18 stories on the site. The Sunburn Cannabis site is zoned "downtown core," which would allow for 10 stories. 

But Baird Inc. plans on keeping the two-story, Art Deco-style properties the way they are.

Led by Eric Baird, a local entrepreneur, investor and philanthropist, the transaction adds to Baird Inc.'s already substantial local portfolio, which includes the historic Kress Building at 1440 Main St., right next door, which is where Baird Inc. is headquartered. The company purchased that property in 2020 for $5.8 million. 

Because they're neighbors, Baird and Brown knew each other and talked regularly, according to Brown. Although Brown's two properties weren't listed, Baird showed interest in purchasing them, and the two struck a deal that will honor future plans.

At 1400 Main St., a partnership with Damn Good Hospitality will bring Warrens, a swanky, whiskey and bourbon bar concept with locations in Naples and Delray. Meanwhile, 1410 Main St. will continue to house Sunburn Cannabis, a prominent operator in the medical marijuana industry.

“We’re thrilled to partner with Warrens and Sunburn to bring even more energy and vibrancy downtown,” says Tyler Oakley, chief financial officer of Baird, Inc.

The acquisition also marks a homecoming, of sorts, for the Kress Building, 1400 Main St. and 1410 Main Street, which were once united as Kress International Plaza. Now, with a single owner, the buildings are poised for a cohesive future.

Oakley, who has been with Baird, Inc. for five years, emphasized the firm's long-term vision for these properties. “Eric Baird sees this as a generational play,” he says. “This is the type of asset he’s proud to put his name on and make part of his legacy. Development is not our aim. Warrens and Sunburn have long-term leases, and we’re excited to see them thrive in these spaces.”

This transaction marks the latest in a series of deals between Brown and Baird, including recent sales of El Melvin, the site of the former Art Uptown Gallery, and Cafe Amici, all located on Main Street. “Eric has been growing his ownership and targets specific properties,” Brown says. “I happen to own some of them.”

Brown described the decision to sell as part of a broader effort to downsize his real estate portfolio. Having owned the buildings for a decade, he said he's ready to enjoy more personal time and to simplify property management.

“I’ve sold several pieces of property recently,” he says. “As I decide to travel more and spend time with family, I’m narrowing my portfolio to something more manageable.”

He also praised Baird and his team’s approach. “Eric’s team does exactly what they say they’re going to do. Several of our deals have been on a handshake, which I appreciate.”

Baird was also among an investor group that sold a portion of the Main Street Plaza complex (now the site of Aster & Links) on Main Street to a Greenwich, Connecticut-based real estate investment trust in 2019 for $20 million. And in early 2019, Baird bought Hotel Ranola on Ringling Boulevard for $2.9 million, but has since sold it.

Baird, Inc. operates across three verticals: commercial real estate, secured lending and private equity. In addition to its downtown holdings, Baird, Inc. owns Tarpon Point Marina in Bradenton and other multifamily and commercial properties in the region.

Oakley says the appeal of investing in Sarasota’s downtown goes beyond numbers.

 “We prefer to kick the bricks,” he says, referencing the tangible value of real estate assets close by. “You can walk to the building and literally kick the bricks.”