Orion's $13 million deal had extra sweetener for Lazzara
Tampa Bay Business Journal by Mark Holan, Staff Writer Date: Tuesday, March 13, 2012, 7:06am EDT - Last Modified: Tuesday, March 13, 2012, 7:08am EDT
Mark HolanStaff Writer - Tampa Bay Business JournalEmail | LinkedIn TAMPA — More details have emerged about Orion Marine Construction Inc.'s $13 million property purchase on West Tyson Avenue.
In January, the marine infrastructure contractor bought 19 acres of land and buildings it had been leasing from Lazzara Leasing. Orion sold the property to Lazzara in 2004 for $6.64 million, property records show.
Orion will make nearly $280,000 in dock improvements for Lazzara, which owns additional property on Tyson Avenue, according to a U.S. Securities and Exchange Commission filing.
The leasing company shares corporate principals with Lazzara Yachts of North America Inc., which runs a marina on the small peninsula west of West Shore Boulevard, known as Rattlesnake Point.
The dock work is to commence within 90 days of the January property closing, the SEC filing states.
Orion also is renting "a portion of the land retained by the seller" for 20 years for an advanced payment of $250,000, according to the filing.
Lazzara has agreed to lease three buildings to Orion for up to 24 months, with the first year's rent abated. The second year's rent is $7 per square foot, according to the filing.
Lazzara owns several buildings on four other lots totaling about 10 acres.
According to the filing, Orion drew $13 million on its revolving line of credit to purchase the land and buildings.
Calls to Orion and Lazzara corporate officials were not returned.