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BUYER: Sabal Park Properties LLC (principal: David Franklin), Tampa
SELLER: Rentokil Initial Environmental Services LLC
PROPERTY: 8417 Palm River Road and additional land on Palm River Road, Tampa
PRICE: $1.5 million
PREVIOUS PRICE: $400,000, May 1994
TITLE FIRM ON DEED: Tampa Title Co., Tampa
PLANS, DESCRIPTION: Sabal Park Properties LLC, an affiliate of Franklin Property & Development Group, purchased 29 acres on Palm River Road housing two industrial buildings for $1.5 million.
The price equated to $51,617 per acre.
The two buildings, which feature a total of 17,000 square feet, take up eight acres. Sunbelt Rental Inc. leases the buildings.
According to David Franklin, who owns Sabal Park Properties LLC, the property was purchased as an investment largely because of the property's location abutting the Lee Roy Selmon Expressway. The land has some contamination issues, Franklin says, but he plans to work with the state to resolve it likely over the next three years.
Rian Smith of Cushman & Wakefield of FL represented the buyer and Tim Kilkelly of CNL Commercial Real Estate represented the seller.
Franklin Property & Development Group is the managing firm for various properties, as well as for Franklin Property Holdings LLC and affiliates.
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