Pine Tree Commercial Realty, partner buy South Pasadena Shopping Center

BUYER: W-PT South Pasadena VII LLC (W-PT Holdings VII LLC), Chicago
SELLER: VV Florida I LP
PROPERTY: 6818 Gulfport Blvd. S., South Pasadena
PRICE: $21.1 million
PREVIOUS PRICE: $10.38 million, November 1996
LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION:
A joint venture of Northbrook-based Pine Tree Commercial Realty LLC and Chicago's Walton Street Capital purchased the 165,886-square-foot South Pasadena Shopping Center for $21.1 million.

The price equated to $127 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.