Everglades Farm Equipment buys Palmetto AG-equipment dealership

BUYER: Everglades Farm Equipment Co. Inc. (principals; John, Eleanor, Michael, William and Thomas Schlechter), Belle Glade
SELLER: Alegra LLC
PROPERTY: 906 E. 10th St., Palmetto
PRICE: $1.7 million
PREVIOUS PRICE: $3.43 million, January 2008
LAW FIRM ON DEED: Harrison Kirkland Pratt & McGuire PA, Bradenton

PLANS, DESCRIPTION: Belle Glade-based Everglades Farm Equipment Co. Inc. purchased a John Deere dealership in Palmetto near U.S. 301 for $1.7 million.

The price equated to $45 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 3.76-acre property features three buildings with a total of 37,193 square feet of vehicle sales or service and warehouse space. Farm equipment and parts dealer/servicer Everglades Farm Equipment has been leasing the location for nearly two years.

“We like to buy our assets,” says Mike Schlechter, the company's vice president. “The previous owners had to take care of some issues before we could close.”

The Palmetto location was one of four agricultural-equipment dealership sites the company took over from Highland Tractor Co. Schlechter says all four have outperformed their expectations and that the Palmetto and Plant City locations have been especially key to serving the Tampa Bay area.

In the near-term the new owner plans to upgrade the paving and make some roof repairs. Eventually, it would like to replace one of the existing older barn buildings with a new steel building.

Everglades Farm Equipment is one of the largest John Deere dealers in the world. It has 10 dealership sites in Florida.