BUYER: Terre Investments LLC (principals: Peter Wenzel and Victor Ferraez), Coconut Grove
SELLER: Shoppes of Southbay LLC
PROPERTY: 10665 and 10607 Big Bend Road, Riverview
PRICE: $17.5 million
PREVIOUS PRICE: $8 million, November 2005
LAW FIRM ON DEED: Page Scrantom Sprouse Tucker & Ford PC, Winter Park
PLANS, DESCRIPTION: The Coconut Grove real estate investment group Terre Investments LLC purchased the 99,542-square-foot Shoppes of Southbay retail center for $17.5 million.
The price equated to $176 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.
The Sweetbay Supermarket-anchored shopping center is currently more than 90% occupied. The center also houses a Buffalo Wild Wings Grill & Bar, Panera Bread, AT&T, GNC, Weight Watchers, H&R Block, Little Caesar's Pizza, Leslie's Poolmart and Great Clips.
The sale also included s an in-line, pad-ready piece of land for the future development of about 12,000 square feet of retail space.
“First, we liked the location,” says Peter Wenzel, managing member of the investment firm. “The second thing [we were attracted to] is the tenant mix. It's a reasonably new center in a great corner in an area that's growing.”
Drew Fleming of Cassidy Turley represented the seller.
“The fact that it was grocery-anchored with a long-term lease was the driving factor in the sale,” Fleming says. “The debit markets are strong right now.”
Coconut Grove-based Real Equities will mange the center for the new owner.
Terre Investments LLC hopes to acquire 10 Class A residential or retail properties over the next two years, according to Wenzel.
Purchase entity Terre Investments LLC mortgaged the property to Starwood Mortgage Capital LLC for $12.45 million.