BUYER: 2014 Lake Osprey LLLP, Tulsa, Okla.
SELLER: Wells Fargo Bank NA as trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates Series 2005-C
PROPERTY: 6251, 6257, 6255, 6287, 6285, 6283, 6279, 6277, 6273, 6271, 6265, 6263, 6293, 6291, 6247, 6245, 6243, 6241, 6253, 6249, 6289, 6259 and 6239 Lake Osprey Drive, Sarasota
PRICE: $3.68 million
PREVIOUS PRICE: $7 million, July 2005
LAW FIRM ON DEED: Windstead PC, Dallas
Private equity firm GBR Properties Inc. purchased the 32,600-square-foot Lake Osprey Plaza retail strip center for $3.68 million.
The price equated to $113 per square foot. That figure is lower than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.
Built in 2004, the Lakewood Ranch shopping center features a coastal beach theme. The property was roughly 80% occupied at the time of the sale.
Mike Concilla of Equity Inc. handles all of the management and leasing for GBR Properties' real estate along the west coast of Florida.
“They are always looking for value-add opportunities along the west coast of Florida from Spring Hill to Marco Island,” he says. “They've purchased three properties in the last month. They bought a shopping center in Tampa and one Bonita Springs.”
Wells Fargo foreclosed on Lake Osprey Plaza in April 2014 for its commercial mortgage holders.
“They plan to come in, stabilize the tenancy and do anything they can to increase rental rates and provide a more stable occupancy,” Concilla says.
GBR Properties currently own more than 2 million square feet of real estate and seven Advance Auto stores. The firm's Gulf Coast holdings includes Imperial Bonita Plaza in Bonita Springs, Palm Pointe Shoppes in Fort Myers, Shoppes of Port Charlotte in Port Charlotte and Shoppes at Cloverplace in Palm Harbor.