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PMAT, Isram Realty buy Prado at Spring Creek


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  • | 10:07 p.m. March 24, 2012
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  • Commercial Real Estate
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BUYER: PMAT Prado LLC (PMAT Real Estate Investments LLC), Mandeville, La.

SELLER: Wells Fargo Bank NA as the registered holder of the J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC18 Commercial Mortgage Pass-Through Certificates Series 2007-CIBC18

PROPERTY: 25141 S. Tamiami Trail, 25141-25191 Chamber of Commerce Drive and various other addresses, Bonita Springs

PRICE: $6.3 million

PREVIOUS PRICE: $30.15 million, December 2004

LAW FIRM ON DEED: Squire Sanders (U.S.) LLP, Tampa

PLANS, DESCRIPTION: A joint venture of Mandeville, La.-based PMAT Acquisition LLC and Hallandale-based Isram Realty Group purchased the 152,072-square-foot The Prado at Spring Creek shopping center for $6.3 million.

The price equated to $41 per square foot.

At the time the contract was signed, the center was 53% occupied. But the new venture was successful in signing a lease with a premium movie theater operator to take over the vacant theater space. That is expected to increased the occupancy to 82%. Stein Mart currently anchors the shopping center.

Michael Cleeman of Cohen Commercial Properties represented the buyer.

PMAT previously owned the center in 2003 and 2004, according to Cohen Commercial Properties.

The joint venture PMAT Prado LLC mortgaged the property to Israel Discount Bank of New York for $6 million.

PMAT Acquisition LLC owns 2.2 million square feet of anchored shopping centers in the Southeast, Sunbelt, and Mid- Atlantic. It specializes in value-add opportunities.
Isram Realty Group owns, leases and manages 2 million square feet of retail space and 500 residential units throughout Florida.

 

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