Chicago's Beidler family buys three North Port commercial buildings

BUYER: Corporate Ave LLC (principal: Francis Beidler III), Chicago
SELLER: 2529 Commerce Parkway Holdings LLC
PROPERTY: 2529 Commerce Parkway, North Port
PRICE: $809,000

SELLER: 1050 Corporate Avenue Holdings LLC
PROPERTY: 1050 Corporate Ave., North Port
PRICE: $775,700

SELLER: 1001 Corporate Avenue Holdings LLC
PROPERTY: 1001 Corporate Ave., North Port
PRICE: $465,500

PREVIOUS PRICE: $3.92 million, January 2006
LAW FIRM ON DEED: Quilling Selander Lownds Winslett & Moser PC, Dallas

PLANS, DESCRIPTION: Chicago's Beidler family purchased three office buildings in the North Port Park of Commerce for a total of $2.05 million.

The price equated to $25 per square foot. That figure is below the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The property included 34,363-square-foot, 33,563-square-foot and 15,000-square-foot office buildings. The two smaller buildings were constructed in 2000 while the largest building was built in 2003.

The Beidler family already owns and operates Enterprise Business Park and Cross Bayou Industrial Park in Pinellas Park, according to Frank Beidler III, and felt the North Port property would be a similar fit to its portfolio.

“By all the statistics it's in a fine area in which properties such as this sort have been recovering,” Beidler says.

The three buildings were all previously owned by an affiliate of Bank of America NA. The bank foreclosed on them in late 2010.

The new owners plan to rename the three buildings the North Port Industrial Park.

The smallest building is currently fully leased to Atlantic Teleconnect Inc. The remaining buildings are 35% and 2% occupied. Other tenants include Unique Manufacturing, Total Air Solutions LLC, Nanuet Lathe Inc., Commercial Appliance Parts & Service Inc., Aerocare Holdings Inc. and Benchmark EnviroAnalytical Inc.

The Beidler family charged John Connell, general manager of Enterprise Business Park, with oversight of the new park. David Harvey will handle the on-site management and leasing of North Port Industrial Park.