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BUYER: Dealmaker 2224 LLC (Michael and Evelyn Lombardo), Sarasota
SELLER: SCB Florida South Trail Return LLC
PROPERTY: 2224 S. Tamiami Trail, Venice
PRICE: $950,000
PREVIOUS PRICE: $525,000 and $99,100, December 2010
LAW FIRM ON DEED: Holland & Knight LLP, Orlando
PLANS, DESCRIPTION: Michael and Evelyn Lombardo, owners of Ideal Classic Cars, purchased a 27,305-square-foot former DeSears building in Venice for $950,000.
Built in 1960, the building occupies a 2.9-acre site. The classic car dealership, which operates from 8700 S. Tamiami Trail, Sarasota, plans to use the building to expand its business.
“Our current feelings are we're going to run both of them,” says Michael Lombardo. “We think the new place is going to be huge for us, a real destination point. The building is almost ideally constructed for what we need to do there. We just need to change a couple door openings. If this new building takes off half as good as this Sarasota location has, I'll be very happy.”
After leaving the car dealership business in New Jersey three years ago, Lombardo moved to the area to retire. Since then, his hobby, trading classic and muscle cars from his own collection, has blossomed into a full-time business.
The couple plans to use most of the Venice building for car storage with a small portion of it converted into a shop selling shirts, knickknacks and car-related memorabilia. The new location will employ 10 to 20 people.
If the new building is successful, Lombardo plans to develop the surrounding vacant land.
William Blalock of Wyman Green and Blalock represented the seller, and David Roth of Re/Max Alliance Group represented the buyer.
Purchase entity Dealmaker 2224 LLC mortgaged the property to Gateway Bank of Southwest Florida for $1.09 million.
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