Developer buys future Trader Joe's building

BUYER: CAP Sarasota LLC (principals: C.G. Woolbright, Chris Hack and David Glenn), Greenville, S.C.

SELLER: Bradenton Partners LLC

PRICE: $3.95 million

BUYER: Bradenton Partners LLC (principals: C.G. Woolbright, Chris Hack and David Glenn), Greenville, S.C.

SELLER: Logan Bradenton Associates LP Ltd.

PROPERTY: 4101 S. Tamiami Trail, Sarasota

PRICE: $3.23 million

PREVIOUS PRICE: $750,000, October 1992

LAW FIRM ON DEED: Dye Deitrich Petruff & St. Paul PL, Bradenton

PLANS, DESCRIPTION: As part of plans for a new Trader Joe's in Sarasota, Greenville, S.C.-based Centennial American Properties LLC (CAP) purchased the 17,590-square-foot former Rooms To Go store on South Tamiami Trail. CAP affiliate Bradenton Partners LLC purchased the building from Rooms To Go's Logan Bradenton Associates LP Ltd. for $3.23 million (equal to $184 per square foot). Then Bradenton Partners LLC transferred the building to another CAP affiliated company, CAP Sarasota LLC, for $3.95 million (equal to $225 per square foot).

Calls to CAP for comment were not returned prior to deadline.

Monrovia, Calif.-based specialty grocer Trader Joe's has signed a lease to open in the 18-year-old building sometime later this year. The grocery will be Trader Joe's second location in Florida behind its Naples location, which opened Feb. 10. It currently has 365 stores in 32 states.

Rooms To Go purchased the former Darby Automotive dealership on Tamiami Trail south of Phillippi Street in late 2009 and redeveloped it into its current 30,617-square-foot Sarasota showroom.

Created in 1976, Centennial American Properties has developed more than 3.6 million square feet of commercial space in the Southeast. It develops and manages a variety of projects, including neighborhood and community shopping centers, free-standing retail stores, specialty centers, and office buildings.

CAP Sarasota LLC mortgaged the property to RBC Bank (USA) for $5.18 million.