Rare Hospitality buys Toys'R'Us for future LongHorn Steakhouse

BUYER: Rare Hospitality Management Inc. (principals: William White III, Joseph Kern and Colleen Hunter), Orlando
SELLER: Tru 2005 RE I LLC
PROPERTY: 1381 Tamiami Trail, Port Charlotte
PRICE: $3.5 million
PREVIOUS PRICE: $2.71 million, January 1990

PLANS, DESCRIPTION: Rare Hospitality Management Inc., a Darden Restaurants Inc. subsidiary, purchased a 45,515-square-foot Toys”R”Us store for $3.5 million.

The price equated to $77 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.