BUYER: MBW Investors LLC (managers: Bernard, Herbert and Michael Hutman), Largo
SELLER: CRI Plaza 1 LLC
PROPERTY: 2480 East Bay Drive, Largo
PRICE: $1.8 million
PREVIOUS PRICE: $3.22 million, September 2008
LAW FIRM ON DEED: DLA Piper LLP (US), Tampa
Investors Bernard Hutman of New York City and Herbert and Michael Hutman of Miami Beach purchased the 56,668-square-foot East Bay Junction Shopping Center in Largo for $1.8 million.
The price equated to $32 per square foot. That figure is lower than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.
The 25-year-old neighborhood retail center was 50.85% occupied at the time of the sale. A Youfit Health Club anchors it.
Mike Milano and Ron Schultz of Colliers International Tampa Bay represented the seller.
“[The centers] biggest obstacle is a lack of visibility,” Schultz says. “It's just off a controlled intersection next to a former Sweetbay, now Winn-Dixie. There's a two-story older banking building in front of it.”
Schultz says the buyers plan to reposition the property away from depending on drive-through traffic and to a destination center focused around the Youfit Health Club. They hope to attract health- and nutrition-related tenants, such as a health-foods store or smoothie shop, and more mother-focused fare, such as a childcare facility and/or nail and hair salons.