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Investors buy Bay View Plaza for $4.36 million


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  • | 11:41 p.m. February 3, 2012
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BUYER: Bayview Shopping Plaza Inc., Tampa

SELLER: Springfield Crossing LLC

PROPERTY: 11100 Fourth St. N., St. Petersburg

PRICE: $4.36 million

PREVIOUS PRICE: $3.5 million, June 1996

LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION: Tampa investors Sam and Laurice Hachem have expanded their holdings yet again. The couple purchased the 78,781-square-foot Bay View Plaza shopping center for $4.36 million.

The price equated to $55 per square foot.

Built in 1990, Bay View Plaza is anchored by a Winn-Dixie grocery store. It also houses Dollar General, a U.S. Coast Guard recruiting office, Coast Dental Center, Edward Jones, and Metro PCS. The center was 92.7% occupied at the time of the sale.

Mark Shellabarger and Scott Palmer of CBRE represented the seller, Springfield Crossing LLC.

“The buyer was attracted to Bay View Plaza because of its central, in-fill location in the Tampa Bay market,” Shellabarger says in a press release. “The area surrounding Bay View Plaza features the largest concentration of apartments in Pinellas County with 20 complexes and over 7,000 apartment units.”

A few months ago, the Hachems purchased the 77,400-square-foot Hillsborough Center building on Hillsborough Avenue for $3 million ($39 a square foot). The couple also owns the 119,502-square-foot Columbus Plaza, a 55,000-square-foot historic office building on Ashley Drive, and three apartments: the Royal Breeze, Captiva Club and Lenox Place Apartments.

 

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