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RJS Properties, Redstone Investments buy Dale Mabry building

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  • | 10:00 a.m. April 11, 2014
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  • Tampa Bay-Lakeland
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BUYER: Loti 701 NDM LLC (principals: Lyle Fogarty, 25% interest; and Hemingway Joan LLC, 75% interest), Tampa
SELLER: Computer City Tampa LP
PROPERTY: 701 N. Dale Mabry Highway, Tampa

PRICE: $4.75 million
PREVIOUS PRICE: $3.5 million, October 1993
LAW FIRM ON DEED: Najmy Thompson PL, Bradenton

A joint venture of Charlotte, N.C.-based RJS Properties Inc. and Redstone Investments purchased a 24,864-square-foot retail building for $4.75 million.

The price equated to $191 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 single-tenant building is leased to technology retailer Inc. It was originally built in 1992 for Computer City and occupies a 2.69-acre parcel north of Cass Street.

Mark Shellabarger and David Conn of CBRE represented the seller, a private investment group based out of Atlanta.

“The buyer was attracted to the asset because of the strength of the property's location on North Dale Mabry Highway in Tampa, near the interchange with I-275,” Shellabarger says in a press release. “The buyer was also attracted by the stability of the tenant,, which, including its predecessor companies and brands, has been a tenant in the building since 1992.”

The buying entities, Loti 701 NDM LLC and Hemingway Joan LLC, mortgaged the property to Branching Banking and Trust Co. for $3.7 million.

Redstone Investments, which operates from Youngstown, Ohio, and Tampa, owns more than 70 commercial properties totaling more than 4.5 million square feet in 13 states.

RJS Properties is a family-owned real estate investment company that focuses on acquiring commercial real estate mainly in the Southeast, particularly in the Carolinas.


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