BUYER: All Wood Furniture Center Inc. (principal: Zvonko Crkvencic), Belleair Beach
SELLER: Isabel Norton, individually and as a trustee of the Isabel S. Norton Revocable Trust Agreement, and Randolph Norton, individually and as trustee of the Randolph H. Norton Revocable Trust
PROPERTY: 7524 Commerce Blvd., Sarasota
SELLER: Featherman Family Properties LLC
LAW FIRM ON DEED: Sarasota Title Services Inc.
PLANS, DESCRIPTION:Belleair Beach-based All Wood Furniture Center Inc. purchased three industrial buildings on Commerce Boulevard for $1 million.
The price equated to $14 per square foot. That figure is below the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
The vacant property included a 30,000-square-foot warehouse, a separate 12,940-square-foot warehouse and a 27,000-square-foot manufacturing building. The structures, which occupy a five-acre site, were built in 1971, 1966 and 1964 respectively.
Jeff Button of Richardson Kleiber Walter Inc. represented the buyer and Roberta Kolton of the commercial division of Michael Saunders & Co. represented the seller.
“They have been vacant about two or three years and needed some maintenance,” Kolton says. “That was reflected in the price. The buyer also did a short due diligence and it was an all-cash sale.”
The buildings need fire sprinklers, plumbing and electrical improvements and new air-conditioning units.
The new owner will likely use at least all of one of the buildings for his wood furniture manufacturing business, says Button.
“The buyer was very concerned that the facility had the ability to handle their growth,” he says.