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BUYER: Left Coast Seafood Co. (principals: Nancy and Mariel Arbuckle), Nokomis
SELLER: Galanos Food Services Inc.
PROPERTY: 385 N. U.S. 41 Bypass, Venice
PRICE: $840,000
PREVIOUS PRICE: $657,000, December 2007
LAW FIRM ON DEED: Richard D. Saba PA, Sarasota
PLANS, DESCRIPTION: The Venice restaurant Left Coast Seafood Co. purchased the 6,381-square-foot former CrossRoads American Grille restaurant building for $840,000.
The price equated to $132 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 family-owned restaurant will relocate to the building from its current leased location nearby at 750 U.S. 41 Bypass N., Venice.
“We needed a location after we were unexpectedly asked to leave our current location,” says Rob Arbuckle, the restaurant's general manager. “We've been here for 11 years and built up a good local customer base, so we knew we needed to keep it local. This building is really similar in seating to our existing location.”
The restaurant is currently renovating the building with the goal of reopening there in October.
Left Coast Seafood Co. mortgaged the property to Florida Shores Bank - Southwest for two loans totaling $873,000.
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