Atco Inc. buys gas station

Atco Inc. buys gas station

BUYER: Atco Inc. (principals: Jack Milholland Jr., Alan Elwell, Mark Hesser and Steve Anast), Sarasota

SELLER: McCarley Oil Co. Inc.

PROPERTY: 5424 Marina Drive, Holmes Beach

PRICE: $1.23 million

PREVIOUS PRICE: $285,000, December 1995

LAW FIRM ON DEED: Lyons Beaudry & Harrison PA, Sarasota

PLANS, DESCRIPTION: Sarasota-based gas station company Atco Inc. purchased a 1,400-square-foot BP convenience store on Holmes Beach for $1.23 million. The purchase price equated to $875 per square foot.

“McCarley Oil was looking to get out of it, and it worked into our portfolio,” says Alan Elwell, president of Atco. “We own the land, the building and the gas tanks, but we lease it out to an operator.”

The company owns about 20 stores along the Gulf Coast.

Atco Inc. mortgaged the property to former owner McCarley Oil Co. Inc. for $925,000.