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Brightwork Real Estate leases restaurant to Verizon
BUYER: BW 11395 Causeway LLC (principals: Bradford Douglas, Henry Hilsman and Austin Simmons), Tampa
SELLER: CNL APF Partners LP
PROPERTY: 11395 Causeway Blvd., Brandon
PRICE: $2.3 million
PREVIOUS PRICE: $1.9 million, February 2005
LAW FIRM ON DEED: GE Capital Solutions, Scottsdale, Ariz.
PLANS, DESCRIPTION: Tampa-based Brightwork Real Estate purchased a former Johnny Carino's 6,256-square-foot restaurant building, an outparcel to the Lake Brandon Village shopping center, for $2.3 million.
The purchase price equated to $368 per square foot. The new ownership already has an agreement with Verizon Wireless on a new 10-year lease.
Hawkins Construction has been hired as the general contractor for the renovation, which requires it to gut the interior for Verizon's open-air sales center along with adapting the exterior. The renovation also includes installing a new air-conditioning system and improvements to the landscaping. Verizon is schedule to open in February.
With the new tenant and property improvements, Brightwork Real Estate is already looking to flip the property. It has hired Patrick Nutt and David Sobelman of Calkain Realty Advisors to market the property.
“We own the Citibank across the street, so we knew it was a good piece of real estate,” says Austin Simmons, a principal with Brightwork Real Estate. “We found Verizon there very quickly. This is a unique time in history. There are as many opportunities as there are problems.”
The purchase entity BW 11395 Causeway LLC mortgaged the property to USAmeriBank for $2.4 million.
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