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H&R REIT company buys Brooks Village from Sembler

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  • | 3:03 p.m. March 14, 2014
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BUYER: PX Brooks Village LP, Downsview, Ontario, Canada
SELLER: Sembler Family Partnership #41 Ltd.
PROPERTY: 12975 Collier Blvd., Naples
PRICE: $13.8 million
LAW FIRM ON DEED: Blaivas & Associates PC, New York City

PLANS, DESCRIPTION: An affiliate of Toronto-based real estate investment trust H&R REIT purchased the 65,960-square-foot Brooks Village for $13.8 million.

The price equated to $209 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

Located at the corner of Pine Ridge Road, the neighborhood shopping center is anchored by Publix. It was developed by seller The Sembler Co. in 2009. The development was 94% occupied at the time of the sale. Along with Publix, it also houses American Accord Insurance, dentist Dr. Albert Bolanos, Walgreens, Hair Cuttery, Golden Gate Chiropractic Center and Little Caesars Pizza.

The buyer has retained Sembler as the center's property manager and leasing agent.

H&R REIT owns 42 office, 167 retail and 112 retail properties and two developments, valued at $13 billion and covering 53 million square feet of commercial space, according to its website. H&R REIT also has a 33.7% interest in ECHO Realty LP, which owns another 173 properties.


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