North Miami's Zzicardi buys FedEx, Verizon retail strip

BUYER: Zzicardi Inc. (principal: Ricardo and Daniela Carozzi and Jose Nae), North Miami

SELLER: Johnson Citrus LLC

PROPERTY: 8206 Citrus Park Drive, Tampa

PRICE: $3.5 million

PREVIOUS PRICE: $1.75 million, May 2007

LAW FIRM ON DEED: Roca Gonzalez PA, Miami

PLANS, DESCRIPTION: A North Miami investor group led by Ricardo and Daniela Carozzi and Jose Nae purchased a 6,544-square-foot retail strip for $3.5 million.

The price equated to $535 per square foot.

The small building, an outparcel to the Plaza at Citrus Park, is fully leased to FedEx Office and Verizon Wireless. The property is covered under a double net lease, which obligates the tenants to pay the parcel's property tax and building insurance.

Blake Hunter of SRS Real Estate Partners and William T. Snow II, formerly with SRS Real Estate Partners, represented the seller. Jacky Londono of Morgan Whitney Inc. represented the buyer.

FedEx has only one year existing on its lease, but Verizon Wireless' lease has another six years remaining, according to Hunter.

“The big driver was the strong tenants,” he says. “They also liked the location across from Citrus Park Mall. The thought was that even if FedEx were to pull out it would not be difficult to find a replacement tenant. The building is in it great shape, and it's only four to five years old.”

The price equated to a 10% (capitalization rate) pay-off ratio based on income.