King Plastic president buys 17-acre Toledo, Price corner

BUYER: Price and Toledo LLC (principal: Jeffrey King), North Port
SELLER: Third and Main LC (75% interest) and Cynthia Schalk as successor trustee of the Stephen L. Schalk 2011 Estate Trust (25%)
PROPERTY: northeast corner of North Toledo Blade Boulevard and West Price Boulevard, North Port
PRICE: $1.1 million
PREVIOUS PRICE: $5 million, June 2005
LAW FIRM ON DEED: Pastrnak Law Firm PC, Davenport Iowa

PLANS, DESCRIPTION: A company led by Jeffrey King, president of King Plastic Corp., purchased 16.96 acres of vacant land for $1.1 million.

The price equated to $64,858 per acre. That figure is lower than the two-year average price per acre for industrial space ($336,202) in the Tampa Bay area, according to the CoStar Group.

The property is just south of King Plastic's 146,421-square-foot main manufacturing facility on Toledo Blade Boulevard.

King himself previously owned the parcel. He bought it in late 2000 from JSD Limited Partnership for $265,000 and turned around five years later and sold it to Third and Main LC and Davenport, Iowa, attorney and real estate developer Stephen Schalk for $5 million.

Calls to King and King Plastic officials for comment were not returned prior to deadline.

Founded in 1968, King Plastic manufactures polymer sheets, slabs and shapes. The company has more than 100 employees.