Canadian multifamily investor buys parking for The Place

BUYER: Channelside Place LLC (principals: Gordon Laing and Robert Macpherson), Tampa

SELLER: Channelside Partners LC

PROPERTY: 930 and 940 Channelside Drive, Tampa

PRICE: $955,000

PREVIOUS PRICE: $115,000, July 1997 and $275,000, February 2001

PLANS, DESCRIPTION: Halifax, Nova Scotia-based multifamily company Southwest Properties Ltd. purchased two parking lot parcels, totaling 0.51 acres, in front of The Place at Channelside condominiums for $955,000.

The company previously acquired 171 condominium units at The Place in a bankruptcy auction nearly two years ago. The group also owns 10,000 square feet of commercial space on the ground floor of The Place.

NAI Tampa Bay handled both sides of the transaction.

“The owners were able to acquire this site to provide much needed parking for the commercial space located at the ground floor of The Place in the short term,” T. Sean Lance, managing director of NAI Tampa Bay, says in a press release. “Additionally, they now have the future development opportunity to add to the project as the site was previously planned for phase II of the condominium project with over 100 additional units.”

Earlier this year, the same buyer purchased 75 of the 112 units in The Sage condominium at the corner of Fourth Street and Fourth Avenue for $10.75 million.