Two Venice doctors buy Galleria Plaza

BUYER: Gondolier Properties LLC (principals: John Cassidy and Catherine Anne Fedako), Estero
SELLER: GPSC Ltd.
PROPERTY: 2111 S. Tamiami Trail, Venice
PRICE: $4.95 million
PREVIOUS PRICE: $4.4 million, July 2004

SELLER: GPSC 2 Ltd.
PROPERTY: 2057 S. Tamiami Trail, Venice
PRICE: $1.05 million
PREVIOUS PRICE: $9.6 million, June 2007 (includes multiple property)

SELLER: GPSC 2 Ltd.
PROPERTY: 2085 S. Tamiami Trail, Venice
PRICE: $200,000
PREVIOUS PRICE: $9.6 million, June 2007 (includes multiple property)

LAW FIRM ON DEED: Richard D. Saba PA, Sarasota

PLANS, DESCRIPTION: Venice neurosurgeon Dr. John Cassidy and internist Dr. Catherine Anne Fedako purchased the 95,000-square-foot Galleria Plaza for $6.02 million.
The price equated to $63 per square foot for just the main plaza building.

Built in 1983, Galleria Plaza is the only entertainment-based center in Venice with the Frank Theatre Galleria 12.

Along with the main horseshoe-shaped retail building, the acquisition includes property housing the British Open Pub, Trustco Bank, MadDogs and vacant parcels. The property is currently 70% occupied.

The new ownership has retained Jackson & Associates to give the plaza a facelift and improve and expand the center's parking. In addition, Jody Tilseth of Napoleon Realty Group has been hired to manage the property.

“We are planning on making this even more of a family-centered entertainment center,” Tilseth says. “This is a property that just needs some attention. We're going to bring on-site management.”

Tilseth also hopes to make a particular push to attract business disrupted by the widening of U.S. 41.

The vacant property is being marketed for between $12 and $15 a square foot triple net.

The purchase entity Gondolier Properties LLC mortgaged the property to Capital Bank NA for $4.65 million.