McGee Tire Stores buys downtown Superior Auto

BUYER: McGee Tire Stores Inc. (principals: Cynthia, Terrance and Michael McGee and Terry Borglund), Lakeland

SELLER: Superior Auto Centers Inc.

PROPERTY: 401 N. Lemon Ave., Sarasota

PRICE: $1.07 million

PREVIOUS PRICE: $655,000, May 2001

LAW FIRM ON DEED: Clark Campbell Mawhinney & Lancaster PA, Lakeland

PLANS, DESCRIPTION: Lakeland-based McGee Tire Stores Inc. purchased the 5,535-square-foot downtown Superior Auto Centers building for $1.07 million.

The price equated to $194 per square foot.

The tire and auto repair business purchased the building as part of an eight-store portfolio of properties along the Gulf Coast. The purchase from Superior Auto Centers included two stores in Bradenton and single locations in Clearwater, Largo, Pinellas, Port Richey, Sarasota and St. Petersburg.

The acquisition gives the family-owned firm a total of 28 locations statewide, including 25 tire stores and three commercial tire truck and service facilities.

“The downtown Sarasota location puts us over 250 employees,” says Terry Borglund, the company's chief financial officer.

The downtown Sarasota location will continue to be a Goodyear Auto Service Center and McGee officials say the company has retained all of its existing employees.

McGee Tire Stores mortgaged the Sarasota location to CenterState Bank of Florida NA for $2.98 million.