Ohio investment company buys Tampa Sweetbay Plaza
BUYER: S-O Sweet FL Retail I LLC (Streak Investments LLC and Optimus One LLC), Chargin Falls, Ohio
SELLER: The Prudential Insurance Co. of America
PROPERTY: 2525 N. Dale Mabry Highway, Tampa
PRICE: $8.8 million
PREVIOUS PRICE: $10.3 million, December 2003
LAW FIRM ON DEED: Alston & Bird LLP, Atlanta
PLANS, DESCRIPTION: S-O Sweet FL Retail I LLC, a 50-50 partnership of Ohio-based investment and management company Streak Investments and Optimus One, purchased the 56,097-square-foot Sweetbay Plaza on North Dale Mabry south of Columbus Drive for $8.8 million.
The purchase price equated to $157 per square foot of retail space.
The neighborhood shopping center is anchored by a 46,147-square-foot Sweetbay Supermarket. The center also features several national and regional tenants, including Moe's Southwest Grill, Smoothie King, GameStop and Quiznos Sub Shop.
The CBRE Florida National Retail Investment Group represented the seller, Prudential Real Estate Investors.
“Sweetbay Shopping Center is extremely well located and has a history of successful operations since it opened in 2003,” said Casey Rosen, senior vice president for CBRE. “The buyer was interested in a stable low-risk investment involving high quality real estate and this property met that criteria.”
S-O Sweet FL Retail I LLC mortgaged the property to American United Life Insurance Co. for $6 million.