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In-Rel Management buys Tampa center

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  • | 10:36 p.m. February 25, 2010
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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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