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BUYER: Alidade Mirabay LLC (Alidade Capital LLC), Bloomfield Hills, Mich.
SELLER: NW Mira Bay LLC
PROPERTY: 106 Harbor Village Lane, 148 Leisey Road and portions of U.S. 41 and Golf and Sea Boulevard, Apollo Beach
PRICE: $12.25 million
PREVIOUS PRICE: $8.58 million, December 2011
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando
PLANS, DESCRIPTION:
Bloomfield Hills, Mich.-based real estate private equity fund Alidade Capital LLC purchased the 93,985-square-foot MiraBay Village retail center and an adjacent 9.79-acre development site for $12.25 million.
The price equated to $130 per square foot for just the retail space. That figure is less than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.
Anchored by a Winn-Dixie supermarket, the 6-year-old center and its four outparcels also house H&R Block, Keller Williams Realty, the Apollo Beach Chamber of Commerce, Kimi's Ice Cream and Asian Buffet. The center was 75% occupied at the time of the sale.
The 9.79-acre undeveloped land is zoned for a future residential development of 20 units per acre. The property and retail center are next to the 750-acre MiraBay waterfront community and the residential master-planned community Waterset.
An HFF investment sales team led by Luis Castillo, Matt Mitchell, Danny Finkle and Kimberly Flore represented the seller, Northwood Investors.
The opportunity to acquire a recently-built shopping center in a fast-growing Florida market was appealing to investors,” Castillo says in a press release. “MiraBay Village is a dominant center and very well-positioned in its market.”
Alidade Capital had not replied to a request for comment as of a deadline.
The purchase entity, Alidade Mirabay LLC, mortgaged the property to Associated Bank National Association for $7.8 million.
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