Florida Leather Gallery moving, growing

BUYER: MB5 Real Estate LLC (principals: Thomas, John, Stewart, Gary and David Matter), Tarpon Springs

SELLER: William and Lynn Bacon

PROPERTY: 7766 S. Tamiami Trail, Sarasota

PRICE: $2 million

PREVIOUS PRICE: $1.18 million, January 2004

LAW FIRM ON DEED: Olmsted & Wilson PA, Port Charlotte

PLANS, DESCRIPTION: Stewart's Sleep Center Inc., the parent company of Fort Myers-based Matter Brothers Furniture and Clearwater-based Florida Leather Gallery, purchased the 19,344-square-foot former Bacon's Furniture & Outdoor retail building for $2 million.

The price equated to $103 per square foot.

The buyer plans to relocate its Sarasota Florida Leather Gallery store to the building from a smaller leased location at 5259 S. Tamiami Trail.

“Our lease was expiring at our existing facility in Phillippi Creek,” says John Matter. “We also like to own our stores, and this was the only one we didn't own.”

The new location will more than double the store's showroom space. The store currently has three sales people, and that number is expected to increase significantly as well.

The relocated store is scheduled to open later this month after some minor changes to the building.

“This gives us twice the showroom space, and the mortgage is about the same as the current lease payment,” Matter says.

Florida Leather Gallery operates six stores along the Gulf Coast, and Matter Brothers Furniture operates another five stores.