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BUYER: 387-391 Mandalay Avenue LLC (principal: Joseph Kokolakis), Tarpon Springs
SELLER: Homer Properties Inc.
PROPERTY: 387-391 Mandalay Ave., Clearwater Beach
PRICE: $1.2 million
LAW FIRM ON DEED: David Browder Jr. Esq., Clearwater
PLANS, DESCRIPTION: Tarpon Springs developer Joseph Kokolakis purchased a Mandalay Avenue strip mall for $1.2 million.
The price equated to $200 per square foot.
The 6,003-square-foot center features five retail spaces. Three of the five units are unoccupied.
Kokolakis expects to improve the center over the next month and then put up the vacant space for rent.
“We will be putting a new facade on it and a modern coastal metal roof,” Kokolakis says. “We'll be adding new impact glass and a new air conditioner.”
Adds Kokolakis: “Clearwater Beach is such a beautiful place. There could be a lot more retail on the beach if the places were fixed up a bunch. This could be a St. Armands Circle.”
Kokolakis, president of J. Kokolakis Contracting Inc., has a history of buying and redeveloping retail centers. He did the same thing in downtown Dunedin with Stirling Commons and Main Street Commons.
The purchase entity 387-391 Mandalay Avenue LLC mortgaged the property to the seller Homer Properties for $800,000.
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