NEW PORT RICHEY, FL (Dec. r 22, 2011) – Reflecting an increase in investment activity in the Pasco County commercial real estate market, Commercial Asset Partners (CAP) Realty closed the sale of a 14,000-square-foot shopping center in New Port Richey, Fla. for $3.2 million, or $229 per square foot.
The 100-percent-occupied retail center was sold by Streetside Tampa LLC, which was represented by Heidi Tuttle-Beisner (top right photo) Broker-Owner of CAP Realty. The buyer, Atlantic Emerald Irrev Trust, was represented by Elliot Ross, CCIM of The Ross Realty Group.
Built in 2007, the shopping center at 8344-8406 Little Road in New Port Richey, Fla. has a roster of quality tenants, including Papa Murphy’s – a “take n’ bake” pizza company, Planet Beach, Dunkin’ Donuts, T-Mobile, Shenanigan’s Irish Pub, The UPS Store and Firehouse Subs. The center has a strong tenant history and is in a high-traffic area.
“Selling shopping centers can be challenging, because of the problems in the retail sector of the economy,” said Tuttle-Beisner. “But this center attracted significant interest because it has a very strong tenant base, great location and visibility, and is only a couple years old – making it an attractive investment opportunity to the buyer.”
CAP is also seeing an increase in office transactions in the northern areas of the Tampa Bay region, recently completing a lease and sale:
Sunbelt Staffing leased 16,000 square feet in the Bay Arbor Place mixed-use development at 3687 Tampa Road in Oldsmar, Fla. The landlord was represented by Heidi Tuttle-Beisner and the tenant was represented by Mohr Partners of Dallas, Texas. Sunbelt Staffing is relocating in the same market and will move about 70 employees to the new facility in March.
EMSI Public Relations purchased 3,000 square feet of office space for $303,760 at Red Fern Professional Park, located at 3748 Turman Loop in Wesley Chapel, Fla.
The seller, Tiger Investment Group, Inc., was represented by Theresa Margaris (middle left photo) of CAP Realty, and the buyer, Steven and Marsha Friedman of EMSI, was represented by Ben Kreloff of ProCorp Realty in Clearwater, Fla. The space went under contract and closed in less than 30 days.
One of the top mid-sized commercial real estate companies in the Tampa Bay area, CAP Realty handles leasing and sales of retail, office and industrial properties, along with helping clients with real estate investment sales and land transactions.
Based in Trinity, Fla., Broker-Owner Heidi Tuttle-Beisner and her team have built a company that has the experience and resources to handle a wide range of assignments, while offering a high level of personal service for each client. For more information, see the company’s website at http://www.caprealtypartners.com/
Media Contact:
Kyle Parks
(727) 895-5030 x101 (o)
(813) 352-1325 (c)
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