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BUYER: Valscot LLC (principal: Michael DeGrood), Orlando
SELLER: Vito Bavaro
PROPERTY: 2022 E. State Road 60, Valrico
PRICE: $1.78 million
PREVIOUS PRICE: $1.45 million, October 2004
LAW FIRM ON DEED: The Florida Firm PA dba Entitle Land & Trust, Orlando
PLANS, DESCRIPTION: An investor operating as Valscot LLC purchased a 5,200-square-foot freestanding retail building in Valrico for $1.78 million.
The price equated to $342 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 9-year-old building is fully occupied by Amscot, which has five years and 10 months remaining on its lease. The property was sold as an investment, and the triple-net lease obligates Amscot to maintain and repair the building and cover all insurance and taxes.
Jonathan Graber and Rafeal Wright of Franklin Street handled the transaction.
“Amscot has a very strong balance sheet and is on an expansion push,” Wright says. “They've been looking to add 20 to 30 stores a year, which is pretty aggressive. Once they lock into a space they're generally there for a long time.”
The purchase price equated to a payoff ratio based on income (capitalization rate) of 8.8%.
Valscot LLC mortgaged the property to Seacoast National Bank for $1.41 million.
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