- March 14, 2014
BUYER: Echo Paradise LLC (Echo Portfolio II LP), Pittsburgh
SELLER: Paradise Plaza Ltd., James Mann, as trustee of the Mann 1994 Family Trust, Feiger Partners LP and David Husman, as trustee of the David L. Husman Trust
PROPERTY: 3800 S. Tamiami Trail and 3825 S. Osprey Ave., Sarasota
PRICE: $26.72 million
LAW FIRM ON DEED: Tenenbaum & Saas PC, Chevy Chase, Md.
Pittsburgh-based ECHO Realty LP purchased the 139,000-square-foot Paradise Plaza for $26.72 million.
The price equated to $192 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.
The center is anchored by Publix, PETCO and CVS. It also features a 21,000-square-foot vacant former Borders bookstore space and two smaller (1,200 and 800 square feet) vacancies.
“It's in an exceptional location,” says Drew Gorman, senior vice president of acquisitions and development for ECHO Realty. “It enjoys tremendous visibility along U.S. 41. It has been part of our strategic goal to acquire outside of our existing commercial markets in Pittsburgh and Cleveland, Ohio. So when we identified Florida as a targeted area for growth, we found this was a compelling piece of real estate.”
The center's new owner expects to subdivide the Borders space and is in negotiations with two tenants to take over the space, Gorman says. He was unsure why the former Boarders space has stayed vacant, but says the market certainly has gotten healthier recently.
ECHO Realty also plans to improve the center's lighting and landscaping and has hired Crossman & Co. to manage it.
“We're actively seeking other acquisition opportunities along the west and east coasts of Florida,” Gorman says.
ECHO Realty owns more than 9 million square feet of retail real estate primarily in Pennsylvania, Ohio, Maryland and West Virginia. The firm recently purchased its first Florida property, the 100,200-square-foot Publix-anchored Westgate Plaza in Tampa's Citrus Park area.