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Boston investment firm buys Keystone Crossing

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  • | 8:00 p.m. June 25, 2010
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  • Tampa Bay-Lakeland
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BUYER: FWI 35 LLC, Boston

SELLER: Keystone Crossing Properties LLC (61% interest), Thorton Keystone Crossing Properties LLC (26%), Harbin Keysone Crossing Properties LLC (6.5%) and Harbin II Keystone Crossing Properties LLC (6.5%)

PROPERTY: 17621 Gunn Highway, Odessa

PRICE: $6.08 million

PREVIOUS PRICE: $2.24 million, March 2001

LAW FIRM ON DEED: Ruden McClosky Smith Schuser & Russell PA, Tampa

PLANS, DESCRIPTION: Boston-based Flag Wharf Inc. purchased the Keystone Crossing shopping center for $6.08 million.

The price equated to $127 per square foot. The sale also included the assumption of $4.5 million in financing. The 47,817-square-foot center is fully occupied. It's anchored by a 40,817-square-foot Sweetbay grocery store.

Flag Wharf president Thomas J. Cannon III says his real estate investment and management firm was attracted to the center because of Sweetbay, the center's good location and The Sembler Co., the developer that built it.

“We know Sembler does a good job and keeps their centers in excellent condition,” Cannon says. “This is just a bread and butter transaction that was the right size for us.”

CB Richard Ellis' Miami-based national retail investment group and the CBRE Private Client Group in Tampa represented the sellers. Flag Wharf, which has an office in Clearwater, invests in retail, multi-family, office and industrial projects in the eastern United States.


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