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Tampa bankruptcy attorney buys Courtyards at Market Square

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  • | 8:42 p.m. January 27, 2012
  • Tampa Bay-Lakeland
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BUYER: Courtyards of Market Square LLC, Tampa

SELLER: M&M Development LLC (debtor in possession under bankruptcy case)

PROPERTY: 9114 Town Center Parkway, Bradenton

PRICE: $1.35 million

LAW FIRM ON DEED: Albert Salem & Associates PA, Tampa

PLANS, DESCRIPTION: Tampa bankruptcy attorney Al Salem III of Albert Salem and Associates PA purchased the 21,500-square-foot Courtyards at Market Square plaza for $1.35 million.

The price equated to $63 per square foot.

The mostly vacant plaza has three tenants: A.J. Nail Salon, a martial arts studio, and a Quiznos restaurant.

“We've actually pre-leased a good portion of the space,” Salem says, noting there are about 20 units in the center. “This property is well suited for medical office and professional office space versus retail. It's close to the hospital. We expect a strong demand from the medical community, and that's what we're seeing right now.

Salem says his company is working to improve the property's landscaping, paint the buildings and renovate the parking area. He also hopes to attract medical and other professional tenants.

The plaza's seller, M&M Development, bought the land in June 2002 for about $901,000 and borrowed $1.95 million to construct the plaza. M&M filed for Chapter 11 bankruptcy protection in March 2011, listing $1.7 million in debts.

Salem says the lender approached him about a sale.

— Additional reporting by Pam Eubanks, correspondent



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