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New Jersey contractor buys South Bay

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  • | 9:56 p.m. December 23, 2009
  • Tampa Bay-Lakeland
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New Jersey contractor buys South Bay

BUYER: 5901 S. Dale Mabry LLC (principal: Perry Pavicic), Pennington, N.J.

SELLER: Citibank NA

PROPERTY: 5901, 5903, 5905, 5907, 5909, 5911, 5913, 5915, 5917, 5919 and 5921 S. Dale Mabry Highway, Tampa

PRICE: $500,000

PREVIOUS PRICE: $2.68 million, May 2005

LAW FIRM ON DEED: Carlton Fields PA, Miami

PLANS, DESCRIPTION: Perry Pavicic, who owns a New Jersey construction rehab company, purchased the 44-unit South Bay Apartments at the southwest corner of Dale Mabry Highway and Wisconsin Avenue for $500,000.

Including insurance proceeds from a fire in one of the structures, the final sale price was $800,000 equal to $18,182 per unit.

The property was sold by lender Citibank NA. The complex was also completely vacant at the time of the sale. The eleven-building development is concrete block with a stucco exterior.

“I got the whole place for almost nothing,” Pavicic says. “I got a block for $500,000. It's in a great area; I love Tampa. I might move there someday. I'm going to rehab the place and take it into section 8 or something like that. There is absolutely nothing wrong with Dale Mabry; nothing blighted except for that property.”

John Burpee of NAI Tampa Bay and T. Sean Lance of the Troubled Asset Optimization Division handled the transaction.


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