San Diego trust buys Florida Avenue Pep Boys

BUYER: KT PB Tampa LLC (The Kazedmzadeh Trust), San Diego
SELLER: Cole PB Portfolio II LP
PROPERTY: 10124 N. Florida Ave., Tampa
PRICE: $2.12 million
PREVIOUS PRICE: $1.93 million, March 2008
LAW FIRM ON DEED: Kutak Rock LLP, Scottsdale, Ariz.

PLANS, DESCRIPTION: The Kazedmzadeh Trust, of San Diego purchased a 22,356-square-foot retail building for $2.12 million.

The price equated to $95 per square foot. That figure is less than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 21-year-old building, which occupies a 2.14-acre parcel, is currently used as a Pep Boys auto parts store. Pep Boys' parent company, The Pep Boys - Manny, Moe & Jack, has already signed a lease with the new owner to rent the property through at least March 2023.

The seller, Cole Credit Property Trust II, acquired the building in 2008.

The purchase entity KT PB Tampa LLC mortgaged the property to First National Bank of the Gulf Coast for $1 million.