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Pet Supermarket buys Rex A.V. store
BUYER: Pet Supermarket Inc. (Charles West Jr. and Sr., Diane Holtz and Steve Feinberg), Sunrise
SELLER: Klac Rex LLC
PROPERTY: 28270 S. Tamiami Trail, Bonita Springs
PRICE: $1.3 million
PREVIOUS PRICE: $882,000, April 2007
LAW FIRM ON DEED: Fox Hefter Swibel Levin & Carroll LLP, Chicago
PLANS, DESCRIPTION: Sunrise-based pet-supply retailer Pet Supermarket Inc. purchased a 12,040-square-foot former Rex Audio Video and Appliances store on U.S. 41 for $1.3 million.
The purchase price equated to $108 per square foot.
The building was originally built in 1978 and occupies a 1.09-acre site. The retailer is renovating the building and hopes to open a store there the third week of January.
“We really felt it was at main and main,” says Rebecca Smith, real estate director for Pet Supermarket. “They just finished renovating the property across the street at Sweetbay, and now they're renovating the northwest corner as well. We checked out the rental rate at those locations and when we found this store we felt it was a better financial deal for us to own and be out on the street as our own destination.”
The retailer sells supplies, medicine and small animals and has about 115 stores, primarily in the Southeast United States.