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BUYER: Frantine Commercial Real Estate LLC (33.49% interest), Park and Shop Inc. (36.86%) and Briarwood Group LLC (29.65%), Sarasota
SELLER: Amprop Development Ventures LLC
PROPERTY: 5720 Ranch Lake Blvd., Bradenton
PRICE: $2.93 million
PREVIOUS PRICE: $750,000, May 2012
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION:
Three investment firms led by Kony Properties, an affiliate of Sarasota's Vanguard Cos., purchased a 5,226-square-foot retail/automotive service building for $2.93 million.
The price equated to $568 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.
The nearly 3-year-old building is leased by Monro Muffler Brake Inc. (symbol: MNRO; recent price: $62.58) and operated as The Tire Choice & Total Car Care. The triple-net lease obligates Monro Muffler Brake to pay all property taxes, insurance and maintenance for the building.
The sale was done as a passive investment.
“The high-end retail [investment] market is very active,” says John Peshkin, managing partner of the Vanguard Cos. “Properties are trading very quickly now at very high cap rates.”
Three separate entities were used to buy the property because the funds for its purchase came from real estate profits as part of a 1031 tax-deferred exchange.
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