Sausalito, Calif., couple buys Palmetto CVS building

BUYER: AMBA Estates Palmetto FL LLC, Fort Lauderdale
SELLER: Mari #1 LLC
PROPERTY: 907 and 945 W. Eighth Ave., Palmetto
PRICE: $3 million
PREVIOUS PRICE: $3.2 million, May 2007
LAW FIRM ON DEED: Sachs Sax Caplan PL, Boca Raton

PLANS, DESCRIPTION:
A company, led by Bharat and Achala Gupta of Sausalito, Calif., purchased a 10,908-square-foot drug store for $3 million.

The price equated to $275 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.

The 17-year-old building is leased and occupied by a CVS/pharmacy. The existing lease has 3.5 years remaining on its initial term and another four five-year extension options.

As part of the sale, the purchase entity, AMBA Estates Palmetto FL LLC, assumed a $2.06 million mortgage from the seller, Mari #1.

The Business Observer was unable to contact the Guptas for comment.