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Tampa Bay Area
Business Observer Friday, May 6, 2011 9 years ago

Canadian investment group buys MacDill Landings units

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Vancouver, British Columbia-based A.J. Galbraith & Associates Ltd. purchased 21 residential condominium units in the 28-unit MacDill Landings for $1.84 million.

BUYER: MLC Holdings Inc. (principals: Ross, Sandra and Alistair Galbraith), Vancouver, British Columbia

PROPERTY: 5008 S. MacDill Ave., Tampa

PRICE: $1.84 million

LAW FIRM ON DEED: Smith Hulsey & Busey, Jacksonville

PLANS, DESCRIPTION: Vancouver, British Columbia-based A.J. Galbraith & Associates Ltd. purchased 21 residential condominium units in the 28-unit MacDill Landings for $1.84 million.

The price equated to $87,755 per unit.

Built in 2007, MacDill Landings features a mix of one- and two-bedroom condominium units, averaging 1,237 square feet each. The occupancy in the development was 75%.

Jason Stanton and John Stone of Colliers International Tampa Bay represented the seller, a company associated with Wachovia.

“It was a high-end development that (A.J. Galbraith & Associates) could pick up for a fraction of replacement cost,” Stanton says. “It's in a great location in south Tampa.”

Stone says the new owners are considering whether to sell the units at today's prices or to hold them as rentals. He describes the buyer as an experienced foreign capital group.

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