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Canada's J.C. Group Inc. buys Firestone building


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  • | 10:00 a.m. September 12, 2014
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  • Tampa Bay-Lakeland
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BUYER: J.C. Group (USA) Inc. (president: Jerry Cybalski), Kitchener, Ontario
SELLER: Sallin Properties US Inc.
PROPERTY: 2121 Stickney Point Road, Sarasota
PRICE: $1.05 million
PREVIOUS PRICE: $1.55 million, February 2008
ATTORNEY ON DEED: Hugh Ferrell, Black Mountain, N.C.

PLANS, DESCRIPTION:
Kitchener, Ontario-based general contractor J.C. Group Inc. purchased a 5,645-square-foot auto repair shop for $1.05 million.

The price equated to $186 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The building near Sarasota Pavilion Shopping Center is leased to Firestone, which has operated from it since 1988. The tire and auto-care business's current lease will run through 2016, but it has options to extend the lease through 2022. The previous owner installed a new roof earlier this year.

Rico Boeras of Sarasota Commercial Realty LLC represented the seller, Sallin Properties USA Inc. and Phil Targee of Bay Realty and Mortgage LLC represented the buyer.

“He was the buying it as an investment for the land value and location,” Boeras says. “It's likely a 7% cap rate.”

The purchase entity, J.C. Group (USA) Inc., mortgaged the property to Insignia Bank for $550,000.

 

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