Investment firm buys Venice Applebee's

BUYER: Aytem Realty of Wilmington LLC (managing member: Ahtem Ozen), Wilmington, N.C.
SELLER: Vincent and Vicki Capizzi as co-trustees of The Vincent Anthony Capizzi and Vicki Lynn Capizzi Family Trust (50% interest)
PROPERTY: 4329 S. Tamiami Trail, Venice
PRICE: $1.58 million

SELLER: Vincent and Anne Capizzi as co-trustees of The Capizzi Family Trust (50% interest)

PRICE: $1.58 million

PREVIOUS PRICE: Jeffco Southern Properties Inc., May 2011

LAW FIRM ON DEED: Fidelity National Title of Florida Inc., Venice

PLANS, DESCRIPTION:
A North Carolina investment firm, led by Ahtem Ozen, purchased a 5,106-square-foot Applebee's restaurant building in two transactions for a combined $3.15 million.

The price equated to $617 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

The building was constructed in 1994 and occupies an acre outparcel to the Jacaranda Crossings Shopping Center. Its exterior and interior were remodeled in October 2014.

The property was sold as a passive investment.

Applebee's franchisee Doherty Apple Florida LLC has about 12 years remaining on a triple-net lease that obligates it to pay for all real estate taxes, insurance and maintenance.

Jerry Robers of Triple Net America handled the transaction.

“It was a good location and had a good sales history,” Robers says. “Its sales have actually gone up since the renovations.”

The purchase entity, Aytem Realty of Wilmington LLC, mortgaged the restaurant property to Yadkin Bank for $1.65 million.