Stuart S. Golding Co. buys Shoppes At 54

Stuart S. Golding Co. buys Shoppes At 54

BUYER: Shoppes At 54 LLC, Clearwater

SELLER: Synovus Bank

PROPERTY: 7643 State Road 54, New Port Richey

PRICE: $1.2 million

PREVIOUS PRICE: $540,000, January 2005

LAW FIRM ON DEED: Ruppel & Burns LLP, Clearwater

PLANS, DESCRIPTION: Clearwater developer Stuart S. Golding Co. purchased the 11,723-square-foot Shoppes At 54 retail center on State Road 54 east of Rowan Road for $1.2 million. The purchase price equated to $102 per square foot. The center is about 60% occupied and houses a Chinese take-out restaurant, the Central Park restaurant, a nail salon and spa, Caribbean Tan and Sandy's Hair Studio. The center was built in 2006.

The new ownership plans to focus on filling the vacant spaces, according to the company's owner, David Scher. The Stuart S. Golding Co. was most interested in the center, he says, because of its good condition, the attractive REO-influenced pricing and the center's location near a medical center, Sweetbay, Dunkin Donuts and Wendy's.

“It's really on the cusp of Trinity and there's a brand new hospital coming just a couple miles away,” Scher says.