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Business Observer Friday, May 29, 2015 3 years ago

Polk County Palm Beach Gardens firm buys Lakeland TooJay's

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Noble Properties purchased a 5,578-square-foot restaurant building for $2.34 million.

BUYER: 1235 N. Parkway Lakeland FL (managers: Traci Ambrosino and Paul Forberger), Palm Beach Gardens
SELLER: Baron Management LLC
PROPERTY: 1235 Parkway Frontage Road N., Lakeland
PRICE: $2.34 million
PREVIOUS PRICE: $825,000, November 2013
LAW FIRM ON DEED: Troiano & Roberts PA, Lakeland

PLANS, DESCRIPTION:
Noble Properties purchased a 5,578-square-foot restaurant building for $2.34 million.

The price equated to $420 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

Located on an acre outparcel to the Publix- and Kohl's-anchored Lakeside Village shopping center, the building is leased to TooJay's Restaurant and Deli. There are currently 25 TooJay's locations across Florida.

Noble Properties is one of the largest privately owned real estate investment companies in Florida. The Palm Beach Gardens company primarily targets shopping centers, single-tenant leased properties and commercial developments. Its portfolio includes more than 3 million square feet of shopping center space and more than 1 million square feet of single-tenant retail, medical and industrial property.

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