Vanguard Cos. affiliates buy Lee Roy Selmon's

BUYER: Frantine Commercial Real Estate LLC (33.49% interest), Park and Shop Inc. (36.86%), Briarwood Group LLC (29.65%), Sarasota
SELLER: MVP LRS Propco Brandon LLC

PROPERTY: 11310 Causeway Blvd., Brandon
PRICE: $2.7 million
PREVIOUS PRICE: $1.65 million, December 2011
LAW FIRM ON DEED: D2 Law Group PL, Tampa

PLANS, DESCRIPTION:
Three investment firms affiliated with Sarasota's Vanguard Cos., purchased a 6,275-square-foot restaurant building for $2.7 million.

The price equated to $430 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 is leased to restaurant group MVP Holdings and operated as a Lee Roy Selmon's Restaurant.

“We felt [the building] was in a very good location,” says John Peshkin, managing partner of the Vanguard Cos. “The owners of Lee Roy Selmon's are experienced restaurateurs, and it fit our investment criteria.”

The purchase price equates to a payoff ratio based on its income (capitalization rate) of 6%.