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BUYER: Lanuto's Family LLC (principal: Giordano Lanuto), Lakeland
SELLER: Echo Holdings I LLC
PROPERTY: 16480, 16500 and 16520 Burnt Store Road, various units, Punta Gorda
PRICE: $1.1 million
PREVIOUS PRICE: $1.43 million, June 2009
LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers
PLANS, DESCRIPTION: Lakeland restaurateur Giordano Lanuto purchased Turtle Crossing Plaza for $1.1 million. The seller was Busey Bank.
The price equated to $38 per square foot.
The office and retail strip center features three separate buildings with a total of 28,946 square feet. The complex was 57% occupied at the time of the sale. The Census Bureau anchors the center with 7,300 square feet. Other tenants include Prudential Florida Realty and Yappy Land.
Lanuto is the owner of Pizza Palace & Restaurant, which operates six locations in Bartow and Lakeland.
“I think it's a wonderful plaza in a good location,” he says. “It's good construction. We may be putting a pizza restaurant there we're working on it. I'm waiting to hear if a family member can manage it. It's 50-50 right now.”
Lanuto plans to also improve the signage for the property.
Richard Clarke of Grubb & Ellis/1st Commercial handled the transaction and is marketing the units for the new owner. Leases in the development run from $12 to $15 a square foot with $4 CAMs.
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