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BUYER: DeMatteo Properties Inc. (principals: Joseph DeMatteo and Joel Lewin), Norwell, Mass.
SELLER: Teramore Development LLC
PROPERTY: 11926 Moon Lake Road, New Port Richey
PRICE: $1.3 million
PREVIOUS PRICE: $105,000, February
LAW FIRM ON DEED: Mathew Law Firm PA, Tallahassee
PLANS, DESCRIPTION: Norwell, Mass.-based DeMatteo Properties Inc. purchased a 9,002-square-foot Dollar General store just off Highway 52 for $1.3 million.
The price equated to $147 per square foot. That figure is in line with the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.
Teramore Development of Thomasville, Ga., purchased the 1.33-acre property in February 2012 and developed the Dollar General building. The sellers transferred its recent lease with Goodlettsville, Tenn.-based Dollar General Corp. to the buyer. Marketing materials suggest a triple-net lease, which obligates Dollar General to pay all property expenses including roof, structure, taxes, insurance and common area maintenance is for 15 years.
DeMatteo Properties is a real estate investment firm that targets triple-net lease investments. This purchase marks its first acquisition along the west coast of Florida, but it owns other properties in the state.
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