BUYER: His Property Holdings LLC (principal: Victoria Pettograsso), Nokomis
SELLER: R&J Wingate Plaza LLC
PROPERTY: 300 S. Tamiami Trail, Nokomis
PREVIOUS PRICE: $850,000, November 2002
LAW FIRM ON DEED: Fogel Law Group, Boca Raton
PLANS, DESCRIPTION: A company led by Victoria Pettograsso purchased the 13,126-square-foot The Wingate Plaza for $925,000.
The price equated to $70 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.
The two-story retail and office building features a number of small businesses, including a gun shop, chiropractor, hair stylist and an Allstate Insurance office. The entire second floor and less than 1,000 square feet on the first floor is vacant. The building was constructed in 1989 and occupies a 1.05-acre site.
Pettograsso plans to renovate the top level and relocate her home health care business, Coastal Care Nursing, there.
“It will be two-and-a-half times bigger,” says Frank Malatesta, vice president of operations for Coastal Care Nursing. “We're in about 1,900 square feet now. We need that extra space just to keep up with the growth we've had over the years.”
He says the 10-year-old business recently hired four new people.
Steve Ross of Hembree & Associates Inc. represented the buyer and Tom Holzer of The Real Estate Marketing Group represented the seller.
The purchase entity, His Property Holdings LLC, mortgaged the property to SunTrust Bank for two loans totaling $853,200.