Local investor group buys Longleaf Town Center

BUYER: Longleaf REEP LLC (principals: MDA Management LLC and Matthew Shaw), Palm Harbor

SELLER: Fifth Third Bank, Tampa

PROPERTY: 3104 Town Ave. and 3036 Alachua Place, New Port Richey

PRICE: $1.4 million

LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando

PLANS, DESCRIPTION: A Tampa Bay area investor group purchased the 23,422-square-foot Longleaf Town Center mixed-use development for $1.4 million.

The price equated to $60 per square foot.

Located in the Longleaf community, the three-story building features eight neighborhood retail units on the bottom level and 16 apartments on the upper floors. It was 100% occupied at the time of the sale.

The acquisition also included a 2.04-acre vacant lot directly across Town Avenue from the development, which could be used to create additional commercial space and/or residential units.

Allen Crumbley and Matt Shaw of Prudential Commercial Real Estate FL handled the transaction. Crumbley and Shaw and are managing members of the investment group.

“The upside potential is the future of the land,” Shaw says. “You have the existing asset for cash flow that's very stabilized and then you have the land for a future play. Based on our current holds it will probably be five to 10 years before we look to do something with it.”