Miami-area investors buy Bal Harbor Plaza

BUYER: Larkspur Punta Gorda Retail LLC (principal: David Bernstein), Aventura
SELLER: Bal Harbor Plaza LLC
PROPERTY: 1123, 1125, 1129, 1133, 1135, 1137, 1139, 1141, 1143, 1145, 1147, 1149, 1151 and 1153 Bal Harbor Blvd., Punta Gorda
PRICE: $1.1 million
PREVIOUS PRICE: $1.1 million, October 1990

PLANS, DESCRIPTION: An investment entity led by Miami-area investor David Bernstein purchased the 55,386-square-foot Bal Harbor Plaza retail center for $1.1 million.

The price equated to $20 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

The center, which occupies 8.29 acres of land, features a vacant anchor space that was previously held by Food Lion. Bal Harbor Plaza was 45% occupied at the time of the sale. The purchase also included a 0.9-acre outparcel at the plaza's east entrance.

Fred Kermani of CRE Consultants handled the transaction.

“It is a good clean center and the owners spent money to fix it up,” Kermani says. “The income just didn't justify continuing to own it.”

A 7-Eleven outparcel in the center is independently owned.