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BUYER: Plaza 66 LLC (principals: Charles Stein and Dennis Udwin), Lake Worth
SELLER: HK New Plan Exchange Property
PROPERTY: 4665 66th St. N., Kenneth City
PRICE: $6.5 million
PREVIOUS PRICE: $6.34 million, December 2002
LAW FIRM ON DEED: Sills Cummis & Gross PC, New Jersey, N.J.
PLANS, DESCRIPTION: Lake Worth-based commercial real estate firm In-Rel Management Inc. purchased the 95,320 square foot Plaza 66 shopping center on 66th Street, north of U.S. 19, for $6.5 million. The purchase price equates to $68 per square foot of retail space.
The center's anchor, Sweetbay Supermarket, completed a $7-million renovation of its store in 2006 and signed a 10-year lease on the property. The center also features Family Dollar, Cici's Pizza and Rent-A Center. The acquisition is In-Rel Management's first purchase since buying the Aria Las Olas Condominium building in November of 2008.
“Prices have been coming down, which of course makes it more attractive for us,” says Steve Filosa, vice president of finance for In-Rel Management. “It looked like a good fit. We had one retail center [on the West Coast.]
The center was 91% vacant at the time of the sale, and the new ownership plans to market the vacant space for $12 to $15 a square foot triple net.
In-Rel Management owns 36 properties. Its only other Gulf Coast property is the Manatee Village at 707-1073 S. Pinellas Ave. in Tarpon Springs. The firm buys, develops, and manages shopping centers, office buildings, build-to-suits and out-parcels throughout Florida, Georgia, Alabama and Tennessee.
Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors represented the seller.
In-Rel Management's purchase entity Plaza 66 LLC mortgaged the property to American Momentum Bank for $4.88 million.
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