MQ Development Partners buys LongHorn Steakhouse

BUYER: Port 41 LLC (managers: Donald Silverman, Helmut Landwehr and Fib Texas Co.), Dallas
SELLER: Rare Hospitality Management Inc.
PROPERTY: 1381 Tamiami Trail, Port Charlotte
PRICE: $2.45 million

PREVIOUS PRICE: $3.5 million, January 2014
LAW FIRM ON DEED: Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA, Tampa

PLANS, DESCRIPTION:
Dallas-based MQ Development Partners purchased a 6,834-square-foot restaurant building on 4.44 acres for $2.45 million.

The price equated to $359 per square foot. That figure is higher than the two-year average price per square foot for retail space ($150) in Southwest Florida, according to the CoStar Group.

Rare Hospitality Management Inc., a Darden Restaurants subsidiary, purchased the 4.4-acre parcel and 45,515-square-foot Toys“R”Us store in early 2014. The restaurant group cleared the site and developed it into a new LongHorn Steakhouse restaurant.

MQ Development Partners develops and owns a number of real estate properties primarily in the Texas area. It currently owns about 4.22 million square feet of retail space. Recently the company turned its attention to the west coast of Florida by buying land in Charlotte County, Tampa, North Port and Zephyrhills. MQ Development Partners recently purchased 16.06 acres of vacant land at 3602 W. Waters Ave., Tampa for $3.78 acres.

The company had not replied to a request for comment as of deadline.

The purchase entity, Port 41 LLC, mortgaged the property to Bistum Eichstätt K.d.öR. Finanzkammer for $2.9 million.