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BUYER: C&N Realty LLC, St. Petersburg
SELLER: Tampa Bay Capital Group LLC
PROPERTY: 4241 31st St. N., St. Petersburg
PRICE: $1.98 million
PREVIOUS PRICE: $2.1 million, April 2008
LAW FIRM ON DEED: Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA, Tampa
PLANS, DESCRIPTION: An affiliate of St. Petersburg-based Pellon Consumer Products Group purchased a 44,022-square-foot warehouse for $1.98 million.
The price equated to $45 per square foot.
The company exercised an option in its contract to buy the building, CEO John Haskell says. It had leased the building for slightly more than two years.
Pellon sells specialized textiles and embroidery products. Clients range from industry giants such as Jo-Ann's Fabric & Craft Stores and Walmart to smaller mom and pop stores.
As the economy worsened and consumers made more of their own products, the company's performance improved, Haskell says.
“In a bad economy we tend to do better,” he says. “We do expect a little carry over when things improve. People get used to having that little extra money. They are also more aware of costs.”
The purchase entity C&N Realty LLC mortgaged the warehouse to Gulfshore Bank for $925,000.
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