Tampa business owners starting new restaurant

BUYER: Aquafinz Management LLC (principals: Howard Cohen and Angela Madonia), Tampa

SELLER: Lutz American LLC

PROPERTY: 16553 Pointe Village Drive, Lutz

PRICE: $1.3 million

PREVIOUS PRICE: $1 million, December 2006

LAW FIRM ON DEED: Trow & Dobbins PA, Ocala

PLANS, DESCRIPTION: Howard Cohen of Lutz and Angela Madonia of Tampa purchased the 6,200-square-foot former Up The Creek restaurant building in Pointe Village for $1.3 million.

The price equated to $210 per square foot.

The two business partners plan to reopen the Lutz building as a new 200-seat seafood restaurant called Aquafinz.

“We just saw it as an opportunity in a growing area,” Cohen says. “The demographics were perfect for what we were looking to do. It was previously used for a seafood restaurant so there's already a seafood restaurant [feel] inside, which makes it cost effective.”

The new owners plan to renovate the building with the goal of opening the new business in December.

Cohen says he and his partner have experience in the restaurant business, including working for high-volume chain restaurants.

The purchase entity Aquafinz Management LLC mortgaged the property to Lutz American LLC of Chicago for $1.2 million.

Robb Sercu of Prudential Commercial Real Estate FL handled the transaction.