Miami-based LLC buys Southpoint offices

BUYER: 5650 Tampa Acquisitions LLC (B&L Management Group Corp.), Miami

SELLER: Branch Banking & Trust Co. vs. Southpoint SDM LLC, et al.,

PROPERTY: 5650 Breckenridge Parkway, Tampa,

PRICE: $2.4 million

PREVIOUS PRICE: $7.74 million, November 2005

PLANS, DESCRIPTION: Miami-based B Developments LLC purchased the 63,812-square-foot Southpoint at Breckenridge Park office building for $2.4 million.

The price equated to $38 per square foot.

The three-story office building in Breckenridge Ridge Office Park was 30% occupied at the time of the sale. It features an exercise facility.

The new ownership says it plans to reposition the property by updating the common areas and other improvements to increase its appeal.

B Development President Miguel Barbagallo says the developer was attracted to the building's location and visibility, condition and layout.

Affiliates of B Development, Real Estate International Transactions LLC and Smart Acquisitions LLC, own more than 104 units in the Autumn Chase Condominium in Largo.

Along the east coast of Florida, the company recently purchased more than 100 units in the Sabal Pointe Condominium in Palm Springs, more than 35 units in Palm Aire Garden in Pompano Beach and several commercial vacant lots and single-family homes in Dade County.