Colterra Capital Corp. buys Ranch Lake Plaza

BUYER: Ranch Lake (Bradenton) Limited Partnership (managers: Robert Berger, Tony Passander and Richard Glickman), Tampa
SELLER: Gemini Real Estate Ranch Lake LLC
PROPERTY: (main address 8750) 8712, 8722, 8724, 8726, 8728, 8730, 8732, 8734, 8736, 8738, 8740, 8742, 8744, 8750, 8752, 8754, 8756, 8758, 8760, 8762, 8766, 8768, 8770, 8764, 8772 and 8774 E. State Road 70, Bradenton
PRICE: $11.6 million
PREVIOUS PRICE: $1.17 million, September 2011
LAW FIRM ON DEED: Adams and Reese LLP, St. Petersburg

PLANS, DESCRIPTION:
Montreal-based Colterra Capital Corp. purchased the 85,565-square-foot Ranch Lake Plaza for $11.6 million.

The price equated to $134 per square foot. That figure is in line with the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

Located adjacent to a Walmart Supercenter, the former Sweetbay grocery-anchored center features an H&R Block, Anytime Fitness and McGee Auto Service & Tires. Goodwill Industries Manasota recently signed a 15-year lease to rent the 49,320-square-foot former Sweetbay. It expects to open in mid-March. That lease puts the center at 95% occupied.

The shopping center was built in 2002 and occupies a 10.62-acre site.

“It was a nice newly built center with solid, reputable tenants,” says Warren Davis, director of acquisitions for Colterra Capital. “It's very accessible right off [Interstate] 75. We believe in the long-term value of this area.”

Ranch Lake Plaza is Colterra Capital's second retail property in the Tampa Bay area. Last year, the two-year-old Canadian company purchased the 40,659-square-foot Terrace Oaks Plaza shopping center at 11301 N. 56th St., Temple Terrace for $5.4 million.

Clinton Conway of Sperry Van Ness Commercial Advisory Group handled the Goodwill Industries Manasota lease.

The purchase entity, Ranch Lake (Bradenton) Limited Partnership, mortgaged the property to KeyBank National Association for $9 million.