BUYER: 4789 Swift Road LLC (principals: Frank Cassata and Daniella Salvatore), Lakewood Ranch
SELLER: 3D Realty Florida LLC
PROPERTY: 4789 Swift Road, Sarasota
PRICE: $2.97 million
PREVIOUS PRICE: $2.56 million, February 2005
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Bradenton
PLANS, DESCRIPTION: Long-time real estate developer Frank Cassata and Daniella Salvatore purchased the 15,224-square-foot Riverview Plaza strip center building for $2.97 million.
The price equated to $195 per square foot.
The 10-unit retail center houses a 7-Eleven, Bangkok Restaurant and an Edward Jones office. Built in 1983, the property was last renovated in 1992.
Joe Boguszewski of Coldwell Banker Residential's St. Armands Circle office represented the seller and Atchley International Realty represented the buyer.
“There was one vacant space,” says Boguszewski. “There were no physical improvements need. It had a roof issue, but the seller corrected it before the sale. We ended up in a bidding war. It just shows how good investments are very hard to find these days.”
The purchase price equated to a payoff ratio based on income (capitalization rate) of more than 7%.
The purchase entity 4789 Swift Road LLC mortgaged the property to Florida Community Bank NA for $900,000.