Developer buys La-Z-Boy building for new Harbor Freight Tools store

BUYER: Palm Harbor 30990 LLC (AG/FO Holdings LLC), Calabasas, Calif.
SELLER: Bradley Partnership
PROPERTY: 30990 U.S. 19 N., Palm Harbor
PRICE: $2 million
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, Clearwater

PLANS, DESCRIPTION: A Los Angeles national developer operating as Palm Harbor 30990 LLC purchased a 14,797-square-foot retail building for $2 million.

The price equated to $135 per square foot. That figure is below the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The vacant building was previously leased to La-Z-Boy and operated as a furniture store. It was built in 1980 and renovated in 1999 and 2003. Located just north of Curlew Road, the store features a showroom and small warehouse area.

Joe Santolucito and M.F. “Bud” Lytle of Klein & Heuchan Inc. represented the seller.

“This building was very well located on Highway 19,” says Steven Klein, vice president of Klein & Heuchan. “That is a tight market for standalone buildings and retail in general. The buyers have been working on this deal for about a year.”

The developer plans to redevelop the building into a Harbor Freight Tools store.