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Paradise Group buys Cortez Village Square

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  • | 1:30 a.m. March 19, 2011
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BUYER: PV-Cortez Village LLC (Capital Rock Realty Inc.), Safety Harbor

SELLER: Matthew Mason as receiver for Cortez Village Square LLC

PROPERTY: 6610, 6696, 6690, 6688, 6686, 6684, 6682, 6678, 6650, 6656, 6646, 6642, 6640, 6634, 6630, 6624, 6620, 6678, 6676, 6674, 6672 and 6670 W. Cortez Road, Bradenton

PRICE: $1.6 million

PREVIOUS PRICE: $5 million, September 2006

LAW FIRM ON DEED: Kilpatrick Townsend & Stockton LLP, Atlanta

PLANS, DESCRIPTION: Safety Harbor-based Paradise Development Group Inc. purchased the 36,542-square-foot Cortez Village Square shopping center for $1.6 million.

The price equates to $44 per square foot.

Officials for the retail developer/operator did not return calls for comment prior to publication.

Anchored by the Anna Maria Oyster Bar restaurant, the community shopping center was built in 1990. The center was 51.1% occupied as of the real estate research firm CoStar Group's last review of the property earlier this quarter. Other prominent tenants in the center include BCC Thrift Store, Chefs Corner Restaurant, Fantasy Travel, Handytrac Systems Inc. and Senior Friends.

Following the sale, Bank of America, LaSalle Bank and other mortgage holders dropped their foreclosure case against the center's former owner, Cortez Village Square LLC.

Paradise Development Group develops grocery-anchored shopping centers, freestanding drug stores and other retail projects including big-box stores.


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