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BUYER: Valrico Commons LP (principals: Robert Green, Jeffrey Preston, Richard Trzcinski and Scott Russel), Markham, Ontario
SELLER: Valrico Commons LLC
PROPERTY: 1901 E. Brandon Blvd., Valrico
PRICE: $6.71 million
PREVIOUS PRICE: $6 million, March 2010
LAW FIRM ON DEED: Greenberg Traurig PA, Fort Lauderdale
PLANS, DESCRIPTION: Palm Beach Gardens-based North American Development Group bought into the partnership redeveloping the Valrico Square Shopping Center.
Valrico Commons LP, a joint entity of North American Development Group and Tampa-based Primerica Group One Inc., purchased the 125,000-square-foot shopping center property from a Primerica Group One limited liability company for $6.71 million.
The partners plan to demolish an empty former Winn Dixie store and a Dollar Spree building to build a 54,817-square-foot Publix connected to a liquor store. Valrico Commons LP will then renovate the entire facade of the center in a Spanish design. It will also replace the roofs, lighting and signage.
The center is being rebranded as Valrico Commons.
The developers are still in discussion with a potential builder, but demolition is scheduled to begin by at least early December. The entire project is set for completion in July.
“We were always planning to bring on board an investment partner for this project,” says Adam Robinson, project coordinator for Primerica Group One. “North American Development was just a good fit for us.”
Primerica Group One and Primerica Developments specialize in developing shopping centers and freestanding single tenant properties.
North American Development Group is a shopping center-focused real estate investment, development and management company.