Gemini Real Estate Advisors restructures plaza ownership

BUYER: Gemini Real Estate Ranch Lake LLC (Gemini Real Estate Partners LP), New York City

SELLER: Gemini Ranch Lake LLC and Gemini Ranch Lake 1-10 LLC

PROPERTY: 8750 State Road 70 E., Bradenton

PRICE: $9.51 million (partial interest)

PREVIOUS PRICE: $15.55 million, October 2004

LAW FIRM ON DEED: Jones Foster Johnston & Stubbs PA, West Palm Beach

PLANS, DESCRIPTION: A Gemini Real Estate Advisors LLC-led investment partnership group purchased the interest of 11 tenant-in-common entities in the Ranch Lake Plaza retail center for $9.51 million.

The acquisition was done as part of consolidation of ownership in order to refinance the property.

“Florida is going though a tough time as is rest of country, and this ownership structure is more well suited to handle [the center's] capital needs,” says Will Obeid, president and CEO of Gemini Real Estate Advisors. “This will allow us to recapitalize it.”

Built in 2002, the 85,565-square-foot center houses several tenants, including Sweetbay Supermarket and a Goodyear Tire. Its occupancy is currently running in the 90% range. Sweetbay has 11 years remaining on its lease in the center.

New York City-based NorthStar Real Estate Income Trust Inc. originated a three-year $9.5 million senior mortgage loan for the refinancing of Ranch Lake Plaza.

The property's current net operating income is $1.1 million, according to NorthStar Real Estate Income Trust.