New York investor buys AutoZone land

BUYER: FL Zone LLC (principal: David Gold), Bronx, N.Y.
SELLER: Rebco Ventures LLC
PROPERTY: 2134 N. Washington Blvd., Sarasota
PRICE: $848,000
PREVIOUS PRICE: $195,000, August 1994
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: A purchase entity led by David Gold of Bronx, N.Y., purchased 1.07 acres housing a 7,250-square-foot AutoZone store for $848,000.

The price equated to $106 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 property on U.S. 301 was sold as an investment.

The AutoZone building was completed and opened in April, according Jim Bridges, owner of the seller Jebco Ventures Inc. AutoZone Stores Inc. signed a ground lease agreement with Jebco's purchase entity Rebco Ventures LLC on Feb. 10, 2012. The seller has since transferred the lease to the new landowner FL Zone LLC. Marketing materials for the property report that the lease is for 20 years.

FL Zone LLC mortgaged the property to First Internet Bank of Indiana for $560,000.