BUYER: ATCO Inc. (principals: Jack Milholland Jr., Alan Elwell, Mark Hesser, Steve Anast), Sarasota
SELLER: McCarley Oil Co. Inc.
PROPERTY: 4933 Fruitville Road, 1135 S. Beneva Road and 2800 Bee Ridge Road, Sarasota
PRICE: $3 million
PREVIOUS PRICE: $400,000, January 1996
LAW FIRM ON DEED: Lyons Beaudry & Harrison PA, Sarasota
PLANS, DESCRIPTION: Sarasota fuel distributor ATCO Inc. purchased three Sarasota service stations along major thoroughfares for $3 million.
The price equated to $371 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.
The properties include a 2,347-square-foot gas station on Fruitville Road, a 2,879-square-foot service station on Bee Ridge Road and 2,864-square-foot third station building on Beneva Road. The stations were built in 1989, 1960 and 1975, respectively. All three were previously marketed under the Kelly's Save-On brand.
“We've been look at them for a number of years; we were just finally able to put a deal together with them recently,” says Alan Elwell, president of ATCO. “We are looking forward to getting these up and running and in good shape.”
ATCO, which represents the BP, Shell and Marathon brands, is strongly considering adding a national brand. It is also contemplating renovating the stations to improve their aesthetics and possibly demolishing the service station on Beneva Road and constructing a new building.
“These are older facilities that have been there since the '70s and '80s,” Elwell says. “But the [fuel] tanks are all in compliance and up to standards.”