Automated Petroleum & Energy buys two Sarasota 7-Eleven gas stations

BUYER: Tigerfish Real Estate LLC (principals: William and Kathryn McKnight as trustees), Brandon
SELLER: 7-Eleven Inc.
PROPERTY: 4350 Bee Ridge Road, Sarasota
PRICE: $806,000
PREVIOUS PRICE: $1.52 million, April 2011

PROPERTY: 2745 Beneva Road, Sarasota
PRICE: $752,600
PREVIOUS PRICE: $482,700, April 2011

PLANS, DESCRIPTION: Brandon-based gasoline supplier Automated Petroleum & Energy Co. Inc. purchased two 7-Eleven gas station properties in Sarasota for $1.56 million.

The price equated to $173 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The sale included a 4,056-square-foot convenience store built in 1985 on Bee Ridge Road and a 25-year-old, 4,904-square-foot store on Beneva Road. Bill McKnight, president of Automated Petroleum & Energy, says the gas stations were purchased with plans to lease them out to franchisees.

Automated Petroleum & Energy rolled the properties into a $7.55 million loan from SunTrust Bank.