Louisiana oil conglomerate invests in Neff Rental building

BUYER: Marco Cos. Inc. (officers: Mildred, William and Richard McElligott), Broussard, La.
SELLER: Hupp Triple D Industrial LLC
PROPERTY: 109 Bluegrass Court, Nokomis
PRICE: $2.15 million
PREVIOUS PRICE: $918,600, March 2007
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION:
Louisiana's Marco Cos. purchased a 7,920-square-foot industrial building for $2.15 million.

The price equated to $271 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($41) in the Tampa Bay area, according to the CoStar Group.

The building is leased to Neff Rental, a company that rents construction equipment.

Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.

“Neff Rental has a long-term lease, and this was sold on the basis of them staying there,” Seidel says. “It is an absolutely beautiful building.”

Neff Rental's triple net lease obligates the tenant to pay the property taxes and insurance and maintain the building. The lease will run until Nov. 30, 2022.

Formed in the 1920s, as Marco Oil Co. Inc., Marco Cos., which is now in its third generation of family ownership, is one of the largest bulk oil and fuel distributors in the southern United States.