Sarasota investment firm buys SR 70 Taco Bell, Long John Silver's

BUYER: Taco 70 LLC, Sarasota

SELLER: Tromble Land Company LLC

PROPERTY: 6310 State Road 70 E., Bradenton

PRICE: $1.68 million

PREVIOUS PRICE: $300,000, February 2001

LAW FIRM ON DEED: William Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION:A Sarasota purchase entity, represented by attorney William Seider, purchased a 2,958-square-foot Taco Bell and Long John Silver's restaurant building for $1.68 million.

The price equated to $566 per square foot.

Jag Grewal of Ian Black Real Estate represented the buyer and Clint Conway of Sperry Van Ness Commercial Advisory Group represented the seller.

“The buyer was just an investor looking for a good return,” says Grewal. “This was one of a group of restaurants owned by Rick Tromble. He sold his business a couple years ago to Coastal QSR, which is owned by Prometheus Partners. They're one of the largest franchisees of Taco Bell in the county.”

Grewal says the store was performing well and that the location, near the Braden River High School and Manatee Technical Institute, was exceptional.

The purchase price equated to a payoff ratio based on tenant income (capitalization rate) of a more than 7%.