Pompano Plaza retail center sells for $1.8 million

BUYER: Sarasota One Investment One LLC (principal: Vijay Patel), Hudson
SELLER: John M. Saba Jr. as successor trustee
PROPERTY: 3048 17th St., Sarasota
PRICE: $1.8 million
PREVIOUS PRICE: $800,000, October 1991
LAW FIRM ON DEED: Ruppel & Burns LLP, Clearwater

PLANS, DESCRIPTION:
An investment firm led by businessman Vijay Patel of Hudson purchased the 14,725-square-foot Pompano Plaza for $1.8 million.

The price equated to $122 per square foot. That figure is lower than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The neighborhood retail center was 92% occupied at the time of the sale. A single 1,400-square-foot tenant space is available for lease. La Sabrosita Taqueria and Tortilleria is the anchor of the center, leasing 5,900 square feet. Other tenants include Papa John's and Jackson Hewitt Tax Services.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 8.2%.

Rico Boeras of Sarasota Commercial Realty LLC represented the seller, John M. Saba Jr. Trust, and David McComas of European Equities represented the buyer.