University Plaza acres sell for $1.2 million

BUYER: Rare Hospitality Management Inc. (principals: William White III, Joseph Kern and Colleen Hunter), Orlando

SELLER: Lee County Real Estate Holdings LLC

PROPERTY: 10030 University Plaza Drive, Fort Myers

PRICE: $1.2 million

PREVIOUS PRICE: $6.25 million, January 2009 (includes additional parcels)

LAW FIRM ON DEED: Douglas R. Krause Esq., Cleveland

PLANS, DESCRIPTION: Rare Hospitality Management Inc., a Darden Restaurants Inc. subsidiary, purchased 1.76 acres in University Plaza for $1.2 million. The price equated to $678,977 per acre.

The restaurant group plans to develop a new LongHorn Steakhouse on the parcel at the southwest corner of Alico Road and Ben Hill Griffin Parkway.

Tom Strauss and Matt Yaniglos of LandQwest Commercial represented the seller and John Mounce of LandQwest Commercial represented the buyer.

Rare Hospitality Management owns and operates all the LongHorn Steakhouse and The Capital Grille restaurants. Darden Restaurants, which purchased Rare Hospitality Management in 2007, also owns Red Lobster, Olive Garden, Bahama Breeze, Seasons 52 and Eddie V's. Darden and its affiliate companies currently own and operate more than 1,900 restaurants that generate more than $7.5 billion in annual sales.