Kentucky's Glenwood Properties buys Tuffy Auto Center and Dairy Queen

BUYER: Monticello Properties LLC (principal: Jack Sheidler), Bowling Green, Ky.
SELLER: J&J Wesley Chapel LLC
PROPERTY: 27329 Wesley Chapel Blvd., Wesley Chapel
PRICE: $2.35 million
PREVIOUS PRICE: $1.84 million, February 2006
LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, Tampa

PLANS, DESCRIPTION:
An affiliate of Bowling Green, Ky.-based Glenwood Properties purchased a Tuffy Auto Center and Dairy Queen for $2.35 million.

The price equated to $449 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.
Rafeal Wright and Jonathan Graber of Franklin Street represented the seller, an Illinois limited liability company, and Franklin Street also handled the buyer.

“There was a great amount of interest created in a very small window of time — going under contract in only two weeks,” Wright says in a press release. “Many investors are chasing the safest deals with solid underlying real estate. Many of the buyers we are seeing are [moving] into more passive-style investments with little to no owner responsibility.”

Built in 2001 and 2002, the retail center is located along State Road 54, half a mile west of Interstate 75. The property is near Best Buy, Dick's Sporting Goods, Cobb Theaters, Winn-Dixie, Publix
Supermarkets and attractions such as the Grove, Wiregrass Mall and Simon's Future Outlet Mall.

“As part of the last deal in a 1031 exchange, the buyer found a great opportunity in an income tax-free state that included attractive rental increases every five years including options,” Graber says in a press release.

Officials for Glenwood Properties had not responded to a request for comment prior to deadline.