Tampa restaurateurs buy former Tokyo Restaurant building

BUYER: 29 Blvd of the Presidents LLC (principal: Mark Levey), Tampa
SELLER: Biel REO LLC
PROPERTY: 29 N. Boulevard of the Presidents, Sarasota
PRICE: $2.7 million
PREVIOUS PRICE: $3.19 million, June 2012
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride, Tampa

PLANS, DESCRIPTION: Tampa restaurateurs Mark and Jeff Levey purchased the 5,950-square-foot former Tokyo Restaurant building on St. Armands Circle for $2.7 million.

The price equated to $454 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Built in 1966, the two-story building was renovated in 2006 in an Asian theme for a Japanese steakhouse. The property was sold with a fully equipped kitchen, bar and dining areas on both levels. In addition, the building includes an elevator and separate entrances for each level.

The building is currently vacant.

Gail Bowden and Bruce Dilges of Sperry Van Ness Commercial Advisory Group handled the transaction. Bowden says the primary driver was the excellent location on St. Armands Circle along with the condition and makeup of the building.

The purchase entity, 29 Blvd of the Presidents LLC, mortgaged the property to GulfShore Bank for $2.3 million.