RARE Hospitality demolishing Los Cabos for new LongHorn Steakhouse

BUYER: Rare Hospitality Management Inc. (principals: William White, Joseph Kern and Colleen Hunter), Orlando
SELLER: PDG Electric LLP
PROPERTY: 4502 W. 14th St., Bradenton
PRICE: $1.36 million
PREVIOUS PRICE: $2 million, January 2006
LAW FIRM ON DEED: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton

PLANS, DESCRIPTION: RARE Hospitality Management purchased the 6,526-square-foot Los Cabos Mexican Restaurant building for $1.36 million.

The price equated to $207 per square foot or $464,582 per acre. That figure is lower than the two-year average price per acre for retail land ($893,571) in the Tampa Bay area, according to the CoStar Group.