Brightwork Real Estate buys two Dale Mabry restaurant buildings

BUYER: BW Dale Mabry and Gray LLC (Brightwork Real Estate Inc.), Tampa

SELLER: Eat Pizza Properties LLC
PROPERTY: 401 N. Dale Mabry Highway and 3712 W. Carmen St., Tampa
PRICE: $1.77 million
PREVIOUS PRICE: $1.87 million, May 2005
LAW FIRM ON DEED: Gardner Brewer Martinez-Monfort PA, Tampa

SELLER: Randolph Partners LLC
PROPERTY: 3715 W. Gray St. and 327 N. Dale Mabry Highway, Tampa
PRICE: $900,000
PREVIOUS PRICE: $1.78 million, May 2005
LAW FIRM ON DEED: Quarles & Brady LLP, Tampa

PLANS, DESCRIPTION: Tampa-based Brightwork Real Estate Inc. purchased a 5,294-square-foot Giordano's of Tampa restaurant, an adjacent 6,190-square-foot former IHOP restaurant building, and two parking lots for $2.67 million.

The price equated to $232 per building square foot.

The IHOP restaurant closed several years ago, while Giordano's closed at the end of November.

JoAnn Ferlita of PropertyPro Commercial Real Estate represented the seller and David Conn of CBRE represented the buyer.

“The condition of the [IHOP] building was really shell,” Ferlita says. “It has been sitting there deteriorating all this time, so this will really upgrade the corner there. It's in a grade-A location.”

Ferlita is also charged by the Giordano's franchise owner with selling Giordano's locations in Brandon and Port Richey.

Calls to Brightwork Real Estate were not returned prior to deadline.

Brightwork Real Estate is a commercial real estate development and acquisition company led by Brad Douglas, Henry Hilsman and Austin Simmons.