Ontario real estate trust buys Granada Plaza

BUYER: PX Granada Plaza LP (H&R Real Estate Investment Trust), Downsview, Ontario, Canada

SELLER: Odyssey DP I LLC

PROPERTY: 1491-1575 Main St., Dunedin

PRICE: $10.78 million
PREVIOUS PRICE: $12.4 million, June 2004

LAW FIRM ON DEED: Clark Campbell & Lancaster PA, Lakeland

PLANS, DESCRIPTION: Downsview, Ontario-based H&R Real Estate Investment Trust purchased the 74,200-square-foot Granada Plaza neighborhood retail center for $10.78 million.

The price equated to $145 per square foot. That figure is in line with the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Anchored by Publix, the retail center was 96% occupied at the time of the sale. Other tenants include Curves, UPS Store, Hair Cuttery and Firehouse Subs. The center occupies a 6.92-acre site at the intersection of County Road 1 and State Road 580.

HFF marketed the property on behalf of the seller, Odyssey DP I LLC an entity affiliated with Lakeland-based Odyssey Diversified Properties Inc. The seller develops and manages retail projects for several national tenants including Bealls, Publix and Starbucks.

The buying REIT has an interest in 41 office properties, 116 single-tenant industrial properties, 139 retail properties and three development projects, principally in the Greater Toronto Area.