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CLEARWATER — An affiliate of Hallandale-based Isram Group of Companies purchased the Bayside Bridge Plaza for $17.25 million.
Isram bought the community shopping center in Clearwater from an affiliate of private equity firm Dalfen America Corp. of Montreal, according to commercial real estate firm CBRE, which represented the seller.
Built in 1989 and updated in 2004 and 2010, the 172,596-square-foot plaza, located at 1520 North McMullen Booth Road, is anchored by a Publix Supermarket. It's 91% leased, according to a CBRE statement.
“Isram was interested in high quality in-fill real estate and a property with the potential for cash flow growth,” says Casey Rosen, a senior vice president with CBRE's retail investment group in Miami. “The sale will enable Dalfen to successfully exit from one of its earliest investments and reinvest proceeds into industrial assets—the company's current area of focus.”
Isram Group owns, leases and manages some 2 million square feet of commercial real estate, mainly neighborhood retail centers and community shopping centers in Florida.
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