Teriyaki Experience owner buys Golden Gate apartment

BUYER: Golden Gate Holding Co. LLC (principal: Lou Donato), Oakville, Ontario, Canada

SELLER: Bank of America NA as successor trustees of the Marie L. Hoffberg Trust

PROPERTY: 182 Golden Gate Point, Sarasota

PRICE: $1.05 million

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

PLANS, DESCRIPTION: A company led by Canadian businessman Lou Donato purchased the four-unit Outrigger Apartments building on Golden Gate Point for $1.05 million.

The price equated to $262,500 per unit or $198 per square foot.

The gulf front 5,299-square-foot building was originally built in 1964.

Donato, owner of the quick-service Japanese restaurant chain Teriyaki Experience as well as Mrs. Vanelli's Fresh Italian Foods, acquired the property with the goal of demolishing the existing apartment building and developing an eight-plex on the 15,500-square-foot site. He is working with an architect on the design for future development, but expects to move forward on the project soon.

The property is approved for a building up to 50 feet tall.

Lee DeLieto Sr. and Lee DeLieto Jr. of Michael Saunders & Co. handled the transaction.

The purchase entity Golden Gate Holding Co. LLC mortgaged the property to Community Bank & Co. for $682,500.