Atlantic Emerald trust buys Streetside Little Road center

BUYER: Jeannie Bensom Law, as trustee of Atlantic Emerald Irrevocable Trust, Woodbridge, Ontario, Canada

SELLER: Streetside Tampa LLC

PROPERTY: 8350 Little Road, New Port Richey

PRICE: $3.2 million

LAW FIRM ON DEED: Hartman Simons Spielman & Wood LLP, Atlanta

PLANS, DESCRIPTION: A Canadian investor operating as the Atlantic Emerald Irrevocable Trust purchased the 14,000-square-foot Streetside Little Road Shopping Center in New Port Richey for $3.2 million.

The price equated to $229 per square foot with a 9% payoff ratio based on current income (capitalization rate).

The strip mall was 100% leased at the time of sale, but one one tenant pulled out shortly after. It currently features Dunkin' Donuts, T-Mobile, a bar and restaurant, Planet Beach, UPS, Firehouse Subs and Papa Murphy's Pizza.

Heidi Tuttle-Beisner of Commercial Asset Realty Partners Realty represented the seller and Elliott Ross of The Ross Realty Group represented the buyer. Ross Realty is providing property management and brokerage services for the center.

The same owner also owns a retail property on Dale Mabry Parkway.