Hurricane Grill building sold
A large piece of retail property along Hendricks Avenue in San Marco has recently sold for $2.5 million.
The 5,900-square-foot free-standing building known as LaSalle Square, located at 1615 Hendricks Avenue, where the Hurricane Grill and Wings and Saucy Kitchen restaurants currently reside, has been sold in an off-market transaction to a Texas-based 1031 investor, who was represented by Ronald McVay of Colliers International of North Florida, according to information from Colliers International. The property was sold at an aggressive sub-seven percent cap rate.
The seller, Lasalle Square PB LLC, a limited liability company owned by Mark Rubin, was represented by the retail investment services team consisting of Scott Rogers and Ernie Saltmarsh IV.
Rubin’s company, Accubuild Development, Inc. bought the property in 1998 from Margaret and Robert Soud for $247,500, according to property appraiser records. In 2007, Rubin transferred the ownership to Lasalle Square PB LLC with a quit-claim deed.
The portfolio sale is comprised of five parcels – a two-tenant retail center with two leased restaurants, two residential properties and a vacant lot. Included on the property are 50 parking spaces.
The buyer purchased the property as an investment, said Scott Rogers, vice president of investment sales for Colliers International, who represented the seller. “He is looking to collect rent for years to come,” he said.
By Marcia Hodgson
Resident Community News
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