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BUYER: LB East LLC (principal: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Core/PMG Longboat LLC
PROPERTY: 201 Gulf of Mexico Drive, Longboat Key
PRICE: $6.2 million
PREVIOUS PRICE: $5.5 million, August 2004
LAW FIRM ON DEED: Berlin-Patten PLLC, Sarasota
PLANS, DESCRIPTION: Delray Beach-based Ocean Properties Ltd. purchased the Chart House Restaurant building and Chart House Shops for $6.2 million.
The price equated to $334 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 25-year-old buildings feature a total of 18,549 square feet of interior space and sit on nearly three acres of land. The Chart House Shops currently houses Exit Art and Coldwell Banker Residential Real Estate.
Ocean Properties Ltd. owns the adjacent Resort at Longboat Key Club. Andy Berger, Ocean Properties vice president, told the Longboat Observer that it made strategic business sense to own the adjacent land as well.
However, nothing is expected to happen to change the property in the near future. The tenants have lengthy leases on the property, according to Berger.
“For the immediate future, we will be a landlord, and we're OK with that,” he told the Longboat Observer. “The timing was simply right to acquire the property, and we took advantage of it.”
The purchase entity, LB East LLC, mortgaged the property to Bank of America NA for $4.65 million.
Ocean Properties Ltd. also owns the Longboat Key Hilton Beachfront Resort, Lido Beach Resort and Lido Beach Holiday Inn.
— Additional reporting by Kurt Schultheis and Robin Hartill, correspondents
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