Arcis Investments buys, renovating Perry Paint building

BUYER: Perry Office LLC (managers: Bruce Burdge and Kristen Kennedy Showalter), Tampa
SELLER: Westby Tampa LLC
PROPERTY: 109 N. Brush St., Tampa
PRICE: $3.03 million
PREVIOUS PRICE: $3.85 million, March 2006
LAW FIRM ON DEED: Mechanik Nuccio Hearne & Wester PA, Tampa

PLANS, DESCRIPTION:
Arcis Investments Inc. purchased the 35,235-square-foot former Perry Paint & Glass Building for $3.03 million.

The price equated to $86 per square foot. That figure is lower than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

The five-story structure was built in 1928 as a factory and was converted into an office building in 1988. The building is fully leased to 10 users. Its largest tenant, the law firm of Rywant Alvarez Jones Russo & Guyton PA, occupies a floor and a half.

The firm was drawn to the property by its location, says Bruce Burdge, president of Arcis Investments, and its proximity to Jeff Vinik's Channelside project, the courthouse and the Selmon Greenway biking and exercise trail.

“They did a fabulous job with it in 1988,” says Burdge, “It won awards in 1989, but since then there really haven't been any improvements made beyond routine maintenance and repairs. The appearance of the lobby is different from what folks are expecting today. We want to reinvest in the property and keep it a good environment for the tenants.”

The new owner plans to modernize the lobby and elevators, replace the HVAC system, renovate the bathrooms, improve the signage and add outdoor seating and solar panels.

The purchase entity, Perry Office LLC, mortgaged the property to Bank of Tampa for $2.69 million.