Shoppes on Sand Key sells for $9.1M

BUYER: RNJ Sand Key LLC (principals: Nissan and Benjamin Hamuy), Boca Raton

SELLER: D.A. Bennett Co.

PROPERTY: 1261 Gulf Blvd., Clearwater

PRICE: $9.1 million

PREVIOUS PRICE: $5.98 million, December 1999

LAW FIRM ON DEED: Macfarlance Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION: Nissan and Benjamin Hamuy of Boca Raton purchased the 40,000-square-foot The Shoppes on Sand Key retail center for $9.1 million.

The price equated to $228 per square foot.

Mark Klein and Steven Klein of Klein & Heuchan Inc. handled this transaction.

The retail center was 98% occupied at the time of the sale. Tenants include The Columbia Restaurant, Backwaters on Sand Key, and Dunkin Donuts. Based on current income, the purchase price equated to a payoff ratio of 6.5% (capitalization rate).

Along with the immediate income, the three-acre property is also one of the few potential development waterfront sites in that area of Tampa Bay.

“This is one of the last redevelopment sites on that stretch of Sand Key, possibly even from Indian Rocks Beach to Clearwater Beach,” says Steven Klein. “The property didn't need much improvement; mainly some cosmetic paint and landscaping.”

The purchase entity RNJ Sand Key LLC mortgaged the property to Wells Fargo Bank NA for $5.5 million.