Belleair Development Group buys Price, Toledo Blade parcels

BUYER: BDG Toledo Blade LLC (principals: Carlos and Christian Yepes), Pinellas Park
SELLER: Freedom Holdings Manatee LLC
PROPERTY: 1080 W. Price Blvd. and 1183 N. Toledo Blade Blvd., North Port
PRICE: $900,000
PREVIOUS PRICE: $1.45 million, April 2012
LAW FIRM ON DEED: Greene Hamrick Perrey Quinlan & Schermer, Bradenton

PLANS, DESCRIPTION: Pinellas Park-based development and real estate investment firm Belleair Development Group purchased two parcels in Paradise Shoppes at North Port for $900,000.

The price equated to $290,323 per acre. That figure is lower than the two-year average price per acre for retail space ($746,593) in the Tampa Bay area, according to the CoStar Group.

The acquisition included a 1.43-acre parcel on Toledo Blade north of a Walgreens drugstore and 1.67 acres on Price Boulevard west of the drugstore. Both properties are across Price Boulevard from the 73,046-square-foot Publix-anchored The Shoppes at Price Crossing retail center.

Belleair Development Group has already started construction on the northern (Toledo Blade) parcel to build a 6,900-square-foot retail store for Advance Auto Parts. Bay to Bay Properties of Safety Harbor is the general contractor for the project and Belleair Development Group plans to stay on as the landlord to the auto parts chain.

The developer is now looking for a retail tenant to lease a building on the smaller western parcel.

“It would make a great bank location or a good spot for another freestanding retailer looking to feed off the retail synergies,” says Christian Yepes, vice president of development and acquisitions for Belleair Development Group. “We like that market. We've done work in North Port before and we felt like there was a need there.”