Loading
BUYER: Chianti Cucina Inc. (principals: Edward and Josephine Pizzuti), Sarasota
SELLER: Tamiami Trail Investments Inc
PROPERTY: 3900 Clark Road, Units 1-3, Sarasota
PRICE: $1 million
PREVIOUS PRICE: $1.03 million, September 2005
LAW FIRM ON DEED: J. Kevin Drake PA, Sarasota
PLANS, DESCRIPTION: Restaurateurs Edward and Josephine Pizzuti purchased three condominium units in Lakeshore Village Plaza for $1 million.
The price equated to $198 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 Pizzutis have remodeled the 5,049-square-foot space and reopened it as the Chianti Cucina Ristorante Italiano. The new Italian restaurant comes after the couple moved to Sarasota to retire. The couple still owns two other restaurants near San Francisco with partners.
“I got bored,” says Edward Pizzuti. “I had a Chianti that I opened three years ago in Nevada, but we sold to our partners before we went to California. This is much bigger than our other restaurants; it can seat over 150 people with two bars. We were looking at smaller places, but when this one became available with the property, it made it a much better business deal.”
Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
The purchase entity Chianti Cucina Inc. mortgaged the property to the seller Tamiami Trail Investments Inc. for $602,783.08.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
