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BUYER: 110 North 11th Street Acquisition LLC (principal: Kevin Woods), Tampa
SELLER: Westbay Tampa LLC
PROPERTY: 205 and 207 N. 11th St., Tampa
PRICE: $900,000
PREVIOUS PRICE: $1.93 million, January 2006
LAW FIRM ON DEED: Mechanik Nuccio Hearne & Wester PA, Tampa
PLANS, DESCRIPTION: Attorneys Kevin Woods, Steve Parker, Tom Harmon and Mike Winer purchased a 4,400-square-foot commercial building and a parking lot in Channelside for $900,000.
The price equated to $205 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.
A building at 207 N. 11th St. was torn down prior to the sale, according to Woods. That portion of the property is now being used for additional parking.
Woods, Parker and Harmon are attorneys in the civil litigation firm of Harmon Woods Parker & Abrunzo PA, and Winer heads his own personal injury and business law firm, The Law Office of Michael J. Winer PA.
“Our short-term plan is to try to lease it out as is,” Woods says. “We also have the ability to raze the building and make it into additional parking with the possibility to build on the entire property. We still have room to buy more [Channelside property] if it becomes available.”
The partners are particularly interested in leasing the building to a restaurant or coffee shop, he says.
The partners have been attempting to grow their real estate holdings in Channelside since mid- 2012. Around that time, the group purchased a 20,000-square-foot Channelside office building at 110 N. 11th St., Tampa for $2.5 million.
The purchase entity 110 North 11th Street Acquisition LLC mortgaged the property to Gulfshore Bank for $720,000.
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