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BUYER: Sulmor LLC (principals: Joseph and Donna Moretti as trustees), Largo
SELLER: COP-JBK Marathon LLC
PROPERTY: 10321 72nd St. N., Largo
PRICE: $1.26 million
PREVIOUS PRICE: $4.45 million, April 2007
ATTORNEY ON DEED: Douglas W. Oswald Esq., Altamonte
PLANS, DESCRIPTION:The owners of Protech Nutraceuticals Inc. Joe and Donna Moretti purchased a 25,117-square-foot manufacturing facility for $1.26 million.
The price equated to $50 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
The vacant building features 22-foot-tall tilt-wall construction. The warehouse is entirely air conditioned, has dock-well and grade-level loading and features 3,000 square feet of office space.
The Morettis plan to significantly renovate the building and then relocate their company to it from several smaller buildings.
“We've outgrown [our existing space]; it was just not efficient for us,” says Joe Moretti. “We have been holding off on hiring at this facility. We'll probably be hiring another 10 to 12 employees within the first couple months. We hope to be in production there by Oct. 1.”
The firm plans to create three blending rooms, six encapsulating rooms, a packaging room and a liquid and powder production area.
Protech Nutraceuticals manufactures nutritional, sports and herbal products. It currently employs 12 people.
Deron Thomas of Industrial Realty Solutions represented the buyer and Gary Bauler of CBRE represented the seller.
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