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.
The CBRE National Retail Investment Group (NRIG) is a team of senior capital markets professionals that specialize in the sale, debt and equity finance, and recapitalization of retail properties throughout the United States. In Florida, the NRIG team is based in Miami and includes Senior Vice Presidents, Casey Rosen and Dennis Carson. First Vice President Nikolas Kozy of the CBRE Private Capital Group was also part of the Bayside Bridge Plaza transaction team.
Dalfen America Corp.
Dalfen is a private equity firm specializing in real estate and real estate-related investments. Dalfen acquires, develops, owns and manages millions of square feet of premier commercial properties throughout the United States and in Canada through its Canadian arm, Dalfen’s Limited. Dalfen’s real estate holdings are broadly diversified encompassing industrial, office, retail, self storage and land for development. The Dalfen Group is also a leader in the acquisition of real estate-backed debt. www.dalfen.net
Isram Group of Companies
The Isram Group of Companies was founded in Miami, Florida, in 1995 and currently owns, leases and manages approximately 2.0 million square feet of primarily retail oriented neighborhood and community shopping centers in the Florida market, from Coral Gables through Jacksonville. www.isramrealty.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.