Restaurant owner purchases plaza

June 26, 2009

John Nadeau, owner of Johnny’s Italian Restaurant in Clearwater, purchased the 22,290-square-foot Mission Hills Plaza on State Road 590 next to Mission Hills Boulevard for $1.2 million.

BUYER: 2907 Properties LLC (principal: John Nadeau), Clearwater
SELLER: Mission Hills Plaza Venture
PROPERTY: 2907 State Road 590, Clearwater
PRICE: $1.2 million
PLANS, DESCRIPTION: John Nadeau, owner of Johnny’s Italian Restaurant in Clearwater, purchased the 22,290-square-foot Mission Hills Plaza on State Road 590 next to Mission Hills Boulevard for $1.2 million.

The purchase price equates to an average of $54 per square foot of building space.

Johnny’s Italian Restaurant is a prominent tenant in the center.

Built in 1973, 62%, of the center is occupied or dedicated for office use and the remainder is used as retail space.

The center had a 6% vacancy according to current marketing materials. Based on the projected net operating income of $160,751, the purchase price equates to a projected capitalization rate of 13.39%.

Calls to Nadeau for comment were not returned prior to publication.

The purchase entity 2907 Properties LLC mortgaged the 2.3-acre property to Regions Bank for $1.02 million.