MQ Development Partners buys spec Waters Avenue retail site

BUYER: Waters Retail TPA LLC (manager: Donald Silverman and Helmut Landwehr), Dallas
SELLER: Tampa Waters LLC
PROPERTY: 3602 W. Waters Ave., Tampa
PRICE: $3.78 million
PREVIOUS PRICE: $10.7 million, June 2006
LAW FIRM ON DEED: Carlton Fields Jorden Burt PA, Tampa

PLANS, DESCRIPTION:
Dallas-based MQ Development Partners purchased a 16.06-acre vacant parcel west of North Himes Avenue for $3.78 million.

The price equated to $235,056 per acre.

The site features roughly nine acres of developable land and a large pond.

“We like infill sites and we have a number of tenants that are always looking for these types of sites,” says Donald Silverman, managing partner of MQ Development Partners. “We bought it on spec. Now we have to figure out what we're going to do with it.”

Primarily a retail developer in Texas over the past year, the company has purchase a half dozen properties along the west coast of Florida. It owns land in Zephyrhills, North Port and Charlotte, according to Silverman.

“A couple of our existing tenants asked us to take a look at sites and both of them ended up looking on the west side of the state,” he says. “We saw it as an opportunity to diversify geographically.”

The developer has one more sale scheduled to close for land in Florida this month.

MQ Development Partners participated in the ownership or development of more than 4 million square feet of retail space.

Andrew Sexson, Dolores Seymour and Edward Miller of Colliers International represented the seller.