Co-owners Mike and Becky Alberson and Bill and Beth Compton can refuse all offers if the price isn't what they're looking for, according to Higginbotham Auctioneers of Lakeland which will be conducting the four-hour sale.
The property has been vacant since April 2001 when restaurateurs Gary and Tracy Webster called it quits after their 300-seat Ferran's Moonlight Grill operation couldn't produce the required customer volume. The Websters had leased the premises since January 2000. The Albersons and the Comptons had operated the restaurant from 1998 to December 1999.
The sale is significant, local brokers tell GlobeSt.com, because an auction sale of a prime Downtown commercial property doesn't happen here everyday and the event may indicate current market value of comparable properties.
Speculative reports hint the property may go for $1 million which equates to a replacement cost of about $79 per sf. However, construction industry estimators tell GlobeSt.com on condition of anonymity the building will probably bring $635,000 or the equivalent hard construction cost of about $50 per sf.
But the estimators also tell GlobeSt.com the structure couldn't be built today for less than $100 per sf or about $1.27 million. The owners aren't hinting what they would like to receive for the property. The 1926-era, rustic brick structure has a 51-foot-long bar and five restrooms.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.