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BUYER: SoMac LLC (principals: W. Keith Schilit, Jody Simon and James Demesa), Tampa
SELLER: 200 S. MacDill LLC
PROPERTY: 200 S. MacDill Ave., Tampa
PRICE: N/A
PREVIOUS PRICE: $725,000, October 2004
PLANS, DESCRIPTION: SoMac LLC, an investment group, has taken over ownership of an 11,000-square-foot, two-story office building.
The group, an entity affiliated with Tampa medical-communications company CommGeniX, previously purchased the loan on the property from Mercantile Bank. The sale price for the loan — originally valued at $580,000 — was not disclosed. The building was then acquired through a foreclosure.
T. Sean Lance of NAI Tampa Bay was the lead broker on the transaction. The building was 80% completed and had sat vacant for a year.
“I sold the land to the original developers years ago and they were initially going to develop a townhome project on site,” Lance says in a press release. “As the residential market bottomed out, they shifted the project to a Class-A 'green' office development, but they were unable to [finish] it.”
The buyer plans to complete the building and relocate CommGeniX into a portion of it over the next three to four months. It has also hired NAI Tampa Bay to lease 5,500 square feet of vacant space on the ground floor to an office or retail user.<
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