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BUYER: Rose Lake Plaza LLC (principals: Juan Batista and Carmen, Arturo and Katelin Martinez), Tampa
SELLER: United Asset Holdings Commercial LLC
PROPERTY: 14404 and 14506 N. Florida Ave., Tampa
PRICE: $1.5 million
PREVIOUS PRICE: $235,000, December 2003 and $190,000, March 2005
LAW FIRM ON DEED: Isicoff Ragatz & Koenigsberg PL, Miami
PLANS, DESCRIPTION: Juan Batista and Carmen, Arturo and Katelin Martinez, the owners of Batista Auto Sales, purchased the 21,382-square-foot Rose Lake Plaza for $1.5 million.
The price equated to $70 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.
The North Florida Avenue neighborhood retail center features two adjacent buildings built in 2005 and 2009 on a 2.36-acre parcel. It is anchored by the Archery Shop, which leases 4,000 square feet.
Liran Friedman of the Continental Real Estate Cos. represented the seller and Vincent Garcia of Grimaldi Commercial Realty Corp. represented the buyer.
The center was 50% occupied at the time of the sale, which Friedman attributed both to being bank owned and the general market vacancy. The seller, an affiliate of 1st United Bank, took ownership of the property in foreclosure from Exec Realty LLC in November 2012.
Batista, speaking through an interpreter, says the center was attractively priced and offered diversity as an investment. The new owners plan to pressure wash the exterior of the building and improve the property's landscaping.
Grimaldi Commercial Realty will be managing and leasing the center for the new owner.
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