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In-Rel Management buys Tampa center
BUYER: TNC Building Owner LLC (principals: Charles Stein and Dennis Udwin), Lake Worth
SELLER: Developers Diversified Realty Corp.
PROPERTY: 7001 W. Waters Ave., Tampa and 1.77 acres, Tampa
PRICE: $7.75 million
PREVIOUS PRICE: $21.67 million, February 1993
LAW FIRM ON DEED: Morris Manning & Martin LLP, Atlanta
PLANS, DESCRIPTION: Lake Worth-based commercial real estate firm In-Rel Management Inc. purchased the 134,463-square-foot Town N Country shopping center on Waters Avenue east of Hanley Road for $7.75 million.
The purchase price equated to $58 per square foot of building space. The property has 11,525 square feet vacant in four unoccupied units and a fifth unit with 9,943 square feet of space that will be vacant soon.
The center is anchored by a Bealls Outlet, Sweetbay grocery store and Dollar Tree and has outparcels for Taco Bell and Burger King. The shopping center also adjoins a nearby Wal-Mart Supercenter, but the property is separately owned and not included in the sale.
The purchase entity TNC Building Owner LLC mortgaged the property to American Momentum Bank for $5.67 million.
In-Rel Management Inc. buys and operates nearly 40 commercial properties in the Southeast United States.
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