Pavilion Development creating new University Parkway Tire Kingdom

BUYER: Pavilion TK-Sarasota LLC (principals: Richard Davies, Todd Carr, Cynthia Howe, Kerri Porter and Thomas Gauch), Charlotte, N.C.
SELLER: University Groves Development LLC and 36-37 Investments LLC
PROPERTY: 2615 University Parkway, Sarasota, also known as Unit 37 of Town Center at University Groves Master Land Condominium phase II
PRICE: $850,000
LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION:
Pavilion Development Co. purchased a portion of land on University Parkway in the Town Center at University Groves land condominium for $850,000.

The Charlotte, N.C.-based real estate investment and development company is constructing a 6,900-square-foot Tire Kingdom shop on the property. Rand Construction Corp. of Atlanta has already started construction on the building, which is scheduled for completion over the next four months.

Pavilion Development principally invests in built-to-suit, single-tenant properties in Florida, Texas, North Carolina, South Carolina, Georgia and Virginia

The purchase entity, Pavilion TK-Sarasota LLC, mortgaged the property to Bank of America NA for $1.49 million.