Lake Mary couple buys City Crossings

BUYER: Ovation Properties Inc. (principals: Richard and Josephine Irumudomon), Lake Mary
SELLER: Plant City Crossings LLC
PROPERTY: 2909 James L Redman Parkway, Plant City
PRICE: $4.85 million
PREVIOUS PRICE: $2.3 million, March 2006
LAW FIRM ON DEED: Fassett Anthony & Taylor PA, Orlando
PLANS, DESCRIPTION: Lake Mary investors Richard and Josephine Irumudomon purchased the 18,849-square-foot City Crossings retail strip center on James L. Redman Parkway north of Charlie Griffin Road for $4.85 million.

The purchase price equated to $257 per square foot of retail space.

The two-year-old center is anchored by an 8,900-square-foot Panera Bread and also houses Mattress Giant, Verizon Wireless and other smaller tenants. The center was 95% occupied at the time of the sale. Florida Blood Services has since signed a lease, but a 1,000-square-foot space remains vacant. The lease rate for the space is listed at $23 a square foot.