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BUYER: FH Southtrail LLC (principal: Eric Howell), Bradenton
SELLER: CRF-Southtrails LLC
LEASED PROPERTY: 3269 Cleveland Ave., Fort Myers
PRICE: $2.7 million
LAW FIRM ON DEED: Clark Campbell & Lancaster PA, Lakeland
PLANS, DESCRIPTION: An investor group managed by Eric Howell, president of Sarasota's Lancaster Realty Inc., purchased the 99-year ground lease and the 83,690-square-foot South Trail Shopping Center building for $2.7 million.
The 8.3-acre ground lease, which has a little more than 50 years remaining on it, is held by landlord Vercil and Helen Senseman LLP.
The retail center was last renovated in 2010 and is fully leased to dd's Discounts, Save-A-Lot, Citi Trends, Family Dollar and several other small tenants.
“We thought it had an excellent tenant mix for the area,” Howell says. “Tenant sales were very strong for many of the stores there. Several of the tenants are planning improvements to their stores, which is also encouraging to us.”
The new ownership plans to repair the roof of the center. Howell says that the investor groups he and his firm assemble are typically long-term holders of real estate. Other groups he manages own a Beall's Outlet and Save-A-Lot-anchored shopping center in Lehigh Acres and Lockmoor Plaza in North Fort Myers. Another of those investment groups purchased the 15,470-square-foot Shoppes at North Port and two vacant outparcel lots in mid-2012 for $1.45 million.
HFF marketed the property on behalf of the seller, an entity affiliated with Lakeland-based Century Retail LLC. The HFF team representing the seller was led by Senior Managing Director Danny Finkle and Director Luis Castillo. The lease was sold in conjunction with Auction.com Commercial.
“We are continuing to see strong investor demand for solid grocery-anchored retail in secondary Florida markets,” Castillo says in a press release. “South Trail Shopping Center was no exception and should continue to be successful under its new ownership.”
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