Paradise Ventures buys Keene Plaza

BUYER: PV-Keene Plaza LLC (principal: Charles Ernst Jr.), Safety Harbor

SELLER: Anchor-Keene Plaza Ltd.

PROPERTY: 2100-2200 E. Bay Drive, Largo

PRICE: $6.2 million

PREVIOUS PRICE: $5.57 million, July 2002

LAW FIRM ON DEED: Clark Campbell & Lancaster PA, Lakeland

PLANS, DESCRIPTION: Safety Harbor-based Paradise Ventures Inc. purchased the 78,982-square-foot Keene Plaza retail center for $6.2 million.

The price equated to $78 per square foot.

Anchored by Save-A-Lot, Bealls Outlet and Dollar General, the Largo center was 88.4% occupied at the time of the sale. Built in 1973, the center was redeveloped in 1999.

An HFF team led by Danny Finkle and Luis Castillo represented the seller, an affiliate of Lakeland-based Century Retail LLC.

Castillo says the quality of the tenants, the density of the surrounding location and the possibility to contribute additional value to the center attracted Paradise Ventures.

“Keene Plaza continues on a trend we are seeing of strong buyer demand for grocery-anchored centers across the state in both primary and secondary markets,” he says.

Paradise Ventures specializes in retail real estate, including development and third-party management. It has developed 51 Publix retail centers, 90 Walgreens and a number of other big-box retail projects across the Southeast.