BUYER: Wal-Mart Stores East LP, Bentonville, Ark.
SELLER: AA/Tampa Group Ltd.
PROPERTY: 1720 E. Hillsborough Ave., Tampa
PRICE: $4.95 million
PREVIOUS PRICE: $17,000, January
LAW FIRM ON DEED: Katz Barron Squitero & Faust PA, Miami
Wal-Mart Stores Inc. purchased the 11.35-acre former Abraham Chevrolet automobile dealership site in east Tampa for $4.95 million.
The price equated to $436,123 per acre.
The retail giant plans to demolish the six existing buildings on the Seminole Heights property to construct a 120,000-square-foot Walmart Supercenter.
William Wertz, a spokesman for Walmart, says work on the store is scheduled to start in about a month. The new store is not expected to features a garden center or automotive services.
It will generate about 300 jobs.
The new supercenter comes on the heels of Wal-Mart Stores' purchase of the nearby two-building, 30,352-square-foot Greenhouse Shops strip center at 3671 W. Hillsborough Ave., Tampa for $2.95 million.
The retailer plans to convert that 3.74-acre site into a 41,000-square-foot Walmart Neighborhood Market. That store is scheduled to open in early 2015 and will employ about 95 people.