PI Commercial Properties buys Verizon's Brandon building

BUYER: PI Commercial Properties LLC, Greenville, S.C.

SELLER: BW 11395 Causeway LLC

PROPERTY: 11395 Causeway Blvd., Brandon

PRICE: $3.58 million

PREVIOUS PRICE: $2.3 million, October 2009

LAW FIRM ON DEED: Carey O'Malley Whitaker & Mueller PA, Tampa

PLANS, DESCRIPTION: A South Carolina investor purchased a 6,256-square-foot Verizon Wireless store building for $3.58 million.

The price equated to $572 per square foot. The building is at the corner of Causeway Boulevard and Providence Road in the Lake Brandon Village shopping center.

Patrick Nutt of Calkain Realty Advisors represented the seller and David Winburn of Carolina Holdings represented the buyer. The purchase offered the buyer, Greenville, S.C.-based PI Commercial Properties LLC, a passive investment with a stable high-credit tenant in an excellent location, according to Nutt.

“This property will require very little management,” Nutt says. “Right now there is more demand from investors than there is supply [for quality triple-net assets.]”

Tampa-based Brightwork Real Estate purchased the building, a former Johnny Carino's restaurant, late last year. It then gutted and rebuilt the interior and leased it to Verizon Wireless.