Thursday, November 29, 2012
Bayside Bridge Plaza Sold For $17,250,000
Clearwater, FL – November 29, 2012 – CBRE announced today the sale of Bayside Bridge Plaza, a 172,596-square-foot grocery-anchored community shopping center located at the intersection of McMullen Booth Road and Coachman Road in Clearwater, FL. An affiliate of the Hallandale, FL-based Isram Group of Companies purchased the property for $17,250,000 from an affiliate of Dalfen America Corp of Montreal, Canada. CBRE’s Miami-based National Retail Investment Group Team for Florida provided exclusive representation to the seller in the transaction.
“Isram was interested in high quality in-fill real estate and a property with the potential for cash flow growth,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “This transaction was a win for both parties. The sale will enable Dalfen to successfully exit from one of its earliest investments and reinvest proceeds into industrial assets—the company’s current area of focus.”
Located at 1520 North McMullen Booth Road, Bayside Bridge Plaza was built in 1989 and substantially updated in 2004 and 2010. Anchored by a 42,112-square-foot Publix supermarket, the property is 91% leased. Other tenants include Family Fitness, Gatti Town Restaurant, Dollar Tree, Pet Supplies Plus and Ace Hardware. In addition, the property includes three owned outparcels; Bank of America, Checkers and Tires Plus. The property’s trade area is comprised of dense, middle income communities together with well established and affluent residential neighborhoods along Tampa Bay in Safety Harbor.