Hamza Investment Properties buys San Martin Village

BUYER: Hamza Investment Properties LLC (principal: Nasr Abuoleim), Gibsonton

SELLER: Eagle FL V SPE LLC

PROPERTY: 10690 Gandy Blvd., St. Petersburg

PRICE: $1.4 million

PLANS, DESCRIPTION: Hamza Investment Properties LLC, a company led by Nasr Abuoleim of Gibsonton, purchased the 19,045-square-foot San Martin Village Retail Center and land for an undeveloped outparcel for $1.4 million.

The price equated to $74 per square foot for just the developed portion of the property.

The retail center was 25% occupied at the time of the sale. Current tenants include The Cat Hospital of Tampa Bay, Allstate Insurance and Star Cleaners.

Dennis Bush, Frank Boullosa and Elliott Ross of the Ross Realty Group represented the seller, BB&T Bank. Michelle Smith of Ocean Blue Realty Inc. represented the buyer.

“We were saddled with a worthless appraisal for a year,” Ross says. “It was initially appraised for more than $2 million dollars, because the appraiser took the value of the existing tenants without checking to see if they were paying rent. The FDIC only allows a property to be appraised once a year and doesn't allow a sale price to deviate drastically from appraised value.”

Ross says once the year was up and a second appraisal was done, the sale came together quickly.