Institutional joint venture buys Apollo Beach retail center

BUYER: KLA Apollo Beach LLC (Klaf Realty LP), Chicago

SELLER: Paradise Shoppes at Apollo Beach LLC as debtor in possession for bankruptcy case

PROPERTY: 6402-6520 N. U.S. 41, Apollo Beach

PRICE: $10.18 million

PREVIOUS PRICE: $6.48 million, April 2004

LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami

PLANS, DESCRIPTION: A joint venture of the Bryanston Real Estate Opportunity Fund II, Lubert-Alder and Chicago-based Klaf Realty LP purchased the 107,615-square-foot Shoppes at Apollo Beach for $10.18 million.

The price equated to $95 per square foot.

The transfer was part of a court-order sale of assets as part of the former owner's bankruptcy.

A Publix grocery store and a Dollar General anchor the center. Other tenants include Beef O' Brady's and Trustco Bank. The center is currently 80% occupied. Originally built in the '80s, the center was last renovated in 2004.

Danny Finkle, Brad Peterson and Luis Castillo of Holliday Fenoglio Fowler LP represented the seller, Paradise Shoppes at Apollo Beach LLC, an entity controlled by Lakeland-based Odyssey Diversified Properties Inc.

“Shoppes of Apollo Beach is a well-located shopping center with the market's leading grocery store and a great line-up of retailers,” Finkle says in a press release.

Odyssey Diversified Properties develops, leases and manages retail projects.

Klaff Realty is a privately owned real estate investment company that buys, redevelops and manages mixed-use, office and retail real estate.

Bryanston Real Estate Opportunity Fund II, a managed fund run by Bryanston Realty Partners, has $50 million in capital to retail estate assets nationwide.

Lubert-Adler is a Philadelphia-based real estate investment company.