Connecticut firm buys land housing new Bank of America branch

BUYER: Lincoln PK Partners LLC (principal: Benjamin Nickoll), Washington Depot, Conn.
SELLER: Theatre Associates II LLLP
PROPERTY: 1990 Fruitville Road, Sarasota
PRICE: $4.45 million
PREVIOUS PRICE: $350,000, September 1997
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: A company led by Benjamin Nickoll of Washington Depot, Conn. purchased a 1.25-acre lot housing a new Bank of America branch for $4.45 million.

The price equated to $3.46 million per acre. That figure is higher than the two-year average price per acre for retail space ($893,571) in the Tampa Bay area, according to the CoStar Group.

The property's former owner, Ruben Holland Development, recently developed a parking lot into a Staples store and the 5,000-square-foot branch. Earlier this year Bank of America relocated its operations to the branch from a building at Main Street and Orange Avenue. The current ground lease is for a 15-year initial term.

Wayne Ruben, who is a partner of Ruben-Holland Development, says another potential investor has singed a contract to acquire the land for the adjacent Staples store.

“It took a year back and forth [to create the new branch for Bank of America],” Ruben says. “We would love to do future deals with them.”