RD Management LLC buys, redeveloping University Mall

BUYER: University Mall Soho Owner LLC (15.9% interest), University Mall Portwood Owner LLC (59.5%) and University Mall TIC Owner LLC (24.6%) (managers: Jay Furman and Richard Birdoff), New York City
SELLER: LSREF2 Clover Property 18 LLC
PROPERTY: 2102, 2200 and 2266 E. Fowler Ave. and 12313 Club Drive, Tampa
PRICE: $29.5 million
PREVIOUS PRICE: $144.7 million, July 2007 and $1.18 million, January 2008
LAW FIRM ON DEED: Hunton & Williams LLP, Dallas

PLANS, DESCRIPTION:
Three affiliates of RD Management LLC purchased the 675,294-square-foot University Mall for $29.5 million.

The price equated to $44 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.