Hialeah real estate investor buys Palm River Amscot building

BUYER: Tampa Estate Holdings LLC (principals: Lorena and Esteban Gomez), Hialeah
SELLER: Primrose Real Estate Group LLC
PROPERTY: 7731 Palm River Road, Tampa
PRICE: $1.2 million
PREVIOUS PRICE: $1,195,000, September 2005
LAW FIRM ON DEED: Leopold Korn PA, Aventura

PLANS, DESCRIPTION: Real estate investor Lorena Gomez of Hialeah purchased a 3,368-square-foot freestanding retail building for $1.2 million.

The price equated to $356 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 8-year-old building is leased to Amscot Financial Inc., which still has seven years left on its lease. It sits on a 0.71-acre site.

Grant Savage of Pointe Group Advisors represented the seller, Primrose Real Estate Group LLC.

“The seller decide to invest in other properties closer to home,” Savage says.

The purchase price equated to a payoff ratio based on income (capitalization rate) of more than 8%.