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Piers in Port Richey sold for $9.4M

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  • | 4:27 p.m. March 12, 2014
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  • Tampa Bay-Lakeland
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PORT RICHEY — Lawrence, N.Y.-based Bluejay Management LLC purchased the 91,000-square-foot The Piers in Port Richey for $9.4 million.

The price equated to $103 per square foot. That figure is less than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The seller, Deerfield Beach-based Konover South LLC, purchased the property, as an empty 100,000-square-foot retail big box in 2012 for $2.07 million. It redeveloped the building creating two large spaces that were leased out soon after for a 65,000-square-foot Burlington Coat Factory and a 26,000-square-foot H.h.gregg.

The center, located at 6401 and 6411 Tacoma Drive, Port Richey, is adjacent to Gulf View Square Mall on U.S. 19.

The sale was part of a strategic divestment by Konover South, following its purchase of a 883,926-square-foot Florida retail portfolio late last year.

HFF's Miami office represented the seller.

Marc Jacobowitz and Yerachmeal Jacobson founded Bluejay Management in 2003. The company has owned and managed nearly 2 million square feet of property to date totaling more than $300 million. Bluejay Management did not immediately return a request for comment on the purchase.


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