Trust buys Dollar General in 1031 tax exchange

BUYER: Ten Thirty LLC (Michael Sedita as trustee), North Port
SELLER: Eastside Village LLC
PROPERTY: 2628 17th St., Sarasota
PRICE: $2.2 million
PREVIOUS PRICE: $2 million, August 2006
LAW FIRM ON DEED: David H. Rosenberg PL, Sarasota

PLANS, DESCRIPTION:
A trust led by Michael Sedita of North Port purchased a 12,000-square-foot Dollar General store for $2.2 million.

The price equated to $183 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

Sedita, a longtime Sarasota County resident, says the property was purchased as a triple-net leased investment. The lease calls for few if any building or real estate responsibilities for the owner. The sale was structured as a 1031 tax-deferred investment for the buyer.

The building was renovated to house Dollar General in late 2010 and completed in early 2011.