Subway Development affiliate buys Hampton Plaza strip center

BUYER: GTB Foods Inc. (principal: Michael LaSalla), Clearwater
SELLER: Hampton Center Inc.
PROPERTY: 2790-2794 Gulf to Bay Blvd., Clearwater
PRICE: $2.4 million
PREVIOUS PRICE: $1.26 million, December 1997
LAW FIRM ON DEED: Law Firm of Trenam Kemker, Tampa

PLANS, DESCRIPTION: GTB Foods Inc., a company led by Michael LaSalla, the president and CEO of Subway Development of Tampa Bay, purchased the 21,525-square-foot Hampton Plaza retail center for $2.4 million.

The price equated to $111 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 30-year-old strip center features a number of small retail tenants ranging in size from 500 to 3,553 square feet. According to the real estate research firm CoStar Group's last assessment of the center, tenants include Hauser's Coins Allstate, Razzel's Lounge and Subway.

Elliott Ross of RMC Ross Realty represented the seller, Hampton Center Inc.

Subway Development of Tampa Bay is the franchise headquarters for Subway Restaurants in DeSoto, Hardee, Hernando, Hillsborough, Manatee, Pasco, Pinellas, and Sarasota counties. The company did not reply to a request for comment prior to deadline.