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North American Development buys Shoppes at Price Crossing

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  • | 6:45 p.m. October 29, 2010
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BUYER: SF Price Crossing LP (principal: John and Jeff Preston and Robert Green), Palm Beach Gardens

SELLER: Shoppes at Price Crossing Ltd.

PROPERTY: 1251 W. Toledo Blade Blvd., North Port

PRICE: $9.5 million

PREVIOUS PRICE: $4.2 million, December 2005 (includes multiple parcels)

LAW FIRM ON DEED: Greenberg Traurig PA, Fort Lauderdale

PLANS, DESCRIPTION: Palm Beach Gardens-based North American Development Group purchased the 73,046-square-foot Shoppes at Price Crossings retail center for $9.5 million.

The price equated to $130 per square foot.

A 44,840-square-foot Publix anchors Shoppes at Price Crossings. It also features a Fifth Third Bank outparcel and second a 0.87-acre outparcel site.

The main retail center property, at the southwest corner of Toledo Blade and Price boulevards, was built in 2007.

Calls to North American Development Group for comment were not returned.

North American Development Group is a shopping center-focused real estate investment, development and management company. It operates 150 shopping centers nationwide worth $2.5 billion that houses 20 million square feet of gross leasable space. It owns six centers in Florida, including the 798,000-square-foot Mall of the Americas in Miami, Westland Promenade in Hialeah and The Plaza at Lake Park in Lake Park.

The purchase entity SF Price Crossing LP mortgaged the property to Bank of America for $7.13 million.


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