- December 14, 2012
BUYER: BDG 11 LLC (principals: Greg Nowak and Carlos Yepes), Pinellas Park
SELLER: Regions Bank
PROPERTY: 11 N. Indiana Ave., Englewood
PREVIOUS PRICE: $720,000, April 2004
LAW FIRM ON DEED: Bradley Arant Boult Cummings LLP, Birmingham, Ala.
PLANS, DESCRIPTION: Pinellas Park-based Belleair Development Group purchased a 3,817-square-foot Regions Bank building for $925,000.
The price equated to $242 per square foot.
“We wouldn't have bought it if it wasn't in front of a Publix,” says Greg Nowak, CEO of Belleair Development Group. “We thought the price was very attractive for what's there. The Englewood market is a very good banking market because of the wealth that comes into the region seasonally.”
Belleair is considering whether to lease or sell the building, but Nowak expects it to be occupied eventually by a bank.
The property was part of a portfolio of four vacant Florida branches the development firm acquired from Regions Bank. The other branches are in Lehigh Acres, Tampa and Winter Haven.
Dan O'Berski and Matt Fredrickson of CB Richard Ellis, Fort Myers/Naples negotiated the transaction.