Lake Worth's In-Rel Properties buys Promenades retail center

BUYER: Promenades Building Owner LLC (principals: Charles Stein and Dennis Udwin), Lake Worth

SELLER: Promenades Mall (E&A) LLC

PROPERTY: 3280 Tamiami Trail, Port Charlotte

PRICE: $15.5 million

PREVIOUS PRICE: $10.67 million, September 2000

PLANS, DESCRIPTION: Lake Worth-based commercial real estate firm In-Rel Properties Inc. purchased the 230,704-square-foot Promenades retail shopping center for $15.5 million.

The price equated to $67 per square foot.

The retail center is anchored by a 52,416-square-foot Winn-Dixie grocery store, facilities for the Fawcett Memorial Hospital and the Charlotte County Sheriff's Department and a Bealls Outlet. The 35-year-old center was 87% occupied at the time of the sale, according to Steve Filosa, vice president of finance for In-Rel Properties.

“We don't need to do much there to liven it up,” Filosa says. “We don't expect to need to do much to it except some improvements to the general aesthetics. We own several properties in Tampa, and they've done very well.”

The new ownership has an agreement with Tuesday Morning for the retailer to replace Dockside Imports in the center.

The purchase entity Promenades Building Owner LLC mortgaged the property to Branch Banking and Trust Co. for $11.63 million.

In-Rel Properties owns and manages 5 million square feet of office and retail space across the eastern and southern United States.