Ibrahim Munir Hamadeh has bought an office complex on the corner of Coursey Boulevard and Stumberg Lane from Modica Building LLC for $575,000, with plans to convert the space into an international grocery store. Construction is expected to begin early next year.
The site includes two buildings, one of which formerly housed the law offices of Guy Modica, and another that is occupied by Advantage Payroll Services. The space formerly occupied by the Modica law firm will be converted for the grocery store. The total enclosed area of both buildings is 6,300 square feet, which puts the sales price at about $91.25 per square foot.
Wade Greene with Maestri-Murrell Commercial Real Estate brokered the transaction.
“We thought the building had some retail potential given the location at the intersection of Coursey Boulevard and Stumberg Lane, and the buyer recognized that and had the property rezoned to allow for the new grocery store,” Greene says.
The new owner already has obtained planning and zoning approval to change the existing zoning to commercial to allow for the new grocery store use.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.
