ICORR Properties buys Citrus Park Shops

BUYER: 6160 Gunn LLLP (principal; Ron Wolf), Sarasota

SELLER: Lacy Willard of CB Richard Ellis as receiver

PROPERTY: 6160 Gunn Highway, Tampa

PRICE: $1.75 million

PREVIOUS PRICE: $1.04 million, March 2003

LAW FIRM ON DEED: Roetzel & Andress, Orlando

PLANS, DESCRIPTION: London, Ontario-based ICORR Properties International purchased the 15,800-square-foot Citrus Park Shops retail strip center for $1.75 million.

The price equated to $111 per square foot.

The center, located in front of a Walmart Supercenter, was 50% occupied at the time of the sale. Current tenants include Payless ShoeSource, First Choice Haircutters, MetroPCS, Future Nails and Grand China Restaurant.

“The main attraction was definitely the location,” says Susanne Stovall of ICORR Properties International. “It's shadow anchored by Super Walmart. It's also got great exposure on Gunn Highway. The receivership did play a big part in us buying it.”

ICORR Properties International is marketing the available space starting at $15 a square foot with common area maintenance fees of $7.45.

ICORR Properties International owns or manages more than 3 million square feet of office and retail commercial space.