BUYER: Isram Bayside Bridge LLC (principals: Shaul Rikman and Shai Moschowits), Hallandale
SELLER: Goral Tov ADA Compliant Ltd. fka Goral Tov Ltd.
PROPERTY: 1520 N. McMullen Booth Road, Clearwater
PRICE: $17.25 million
PREVIOUS PRICE: $6.73 million, February 1993
LAW FIRM ON DEED: Weisman & Margolies PA, Boca Raton
PLANS, DESCRIPTION: An affiliate of the Hallandale-based Isram Group of Cos. purchased the 172,596-square-foot Bayside Bridge Plaza for $17.25 million.
The price equated to $100 per square foot.
Built in 1989 and last updated in 2010, the center is anchored by a 42,112-square-foot Publix supermarket. Other tenants include Family Fitness, Gatti Town Restaurant, Dollar Tree, Pet Supplies Plus and Ace Hardware. In addition, the property includes three owned outparcels: Bank of America, Checkers and Tires Plus. Bayside Bridge Plaza was 91% occupied at the time of the sale.
CBRE's Miami-based National Retail Investment Group Team for Florida represented the seller.
“Isram was interested in high quality in-fill real estate and a property with the potential for cash flow growth,” Casey Rosen, a senior vice president with CBRE in Miami, says in a press release. “The sale will enable Dalfen [America Corp.] to successfully exit from one of its earliest investments and reinvest proceeds into industrial assets — the company's current area of focus.”
The purchase entity Isram Bayside Bridge LLC mortgaged the property to ING USA Annuity and Life Insurance Co. for $11.2 million.
The Isram Group of Cos. currently owns, leases and manages 2 million square feet of primarily retail neighborhood and community shopping centers in Florida.