PDQ restaurants owner relocating to Anchor Plaza

PDQ restaurants owner relocating to Anchor Plaza

BUYER: RDB-NJR Office Holdings LLC (principals: Robert Basham and Nicholas Reader), Tampa
SELLER: Highwoods Properties Inc. as trustee as Tampa Properties Trust
PROPERTY: 4343 Anchor Plaza Parkway, Tampa
PRICE: $11.58 million
PREVIOUS PRICE: $10.2 million
LAW FIRM ON DEED: Allman Spry Leggett & Crumpler PA, Winston-Salem, N.C.

PLANS, DESCRIPTION: The owners of chicken restaurant chain PDQ, Bob Basham and Nick Reader, purchased the 100,992-square-foot Anchor Plaza office building for $11.58 million.

The price equated to $115 per square foot for the office space. That figure is identical to the two-year average price per square foot for office space in the Tampa Bay area, according to the CoStar Group.

The two-story office building in Fountain Square Office Park features a multi-level atrium, high-efficiency building and HVAC systems and an on-site deli. M&I Homes is currently the most prominent tenant. The purchase also includes a three-and-a-half-story parking garage.

The buyers plan to relocate the corporate offices of MVP Restaurant Partners to the Westshore building from its 8,000-square-foot current headquarters.

“We really need the extra space,” Reader says. “We have people sharing conference tables now. We also liked the amenities and the quality of the building. [The seller] Highwoods [Properties Inc.] did a great job of keeping it up. We will be having Highwoods maintain it for us.”

Buying the building also allows the restaurant group to benefit from low interest rates and gives it an easy avenue to expand in the future, Reader says.

Once MVP Restaurant Partners occupies its 15,000 square feet, the building will be 90% occupied.

Purchase entity RDB-NJR Office Holdings LLC mortgaged the property to The Bank of Tampa for $9.26 million.