Balboa Retail Partners, Och-Ziff buy Gulf Coast supermarkets

BUYER: BRNK Bradenton LLC (BRNK LLC), Los Angeles
SELLER: Comm 2006-FL12 Florida SPE LLC
PROPERTY: 415 W. Manatee Ave., Bradenton
PRICE: $3.51 million
PREVIOUS PRICE: $4.92 million, July 2006

BUYER: BRNK Venice LLC (BRNK LLC), Los Angeles
PROPERTY: 1590 S. U.S. 41 Bypass, Venice
PRICE: $2.66 million
PREVIOUS PRICE: $3.01 million, July 2006

BUYER: BRNK Cape Coral LLC (BRNK LLC), Los Angeles
PROPERTY: 4820 Leonard St., Cape Coral
PRICE: $878,559
PREVIOUS PRICE: $2.83 million, July 2006

BUYER: BRNK Largo East Bay LLC (BRNK LLC), Los Angeles
PROPERTY: 2460 East Bay Drive, Largo
PRICE: $1.93 million
PREVIOUS PRICE: $3.79 million, August 2006

BUYER: BRNK Largo Ulmerton LLC (BRNK LLC), Los Angeles
PROPERTY: 13000 66th St., Largo
PRICE: $1.31 million
PREVIOUS PRICE: $2.48 million, July 2006
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Los Angeles-based Balboa Retail Partners and Och-Ziff Capital Management Group of New York City purchased five closed Albertsons and Sweetbay supermarket locations along the Gulf Coast for $10.29 million.

The price equated to $44 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The purchase included a 66,982-square-foot store in Bradenton, 60,953-square-foot location in Venice, 29,848-square-foot store in Cape Coral and 42,345-square-foot and 32,590-square-foot buildings in Largo.

The seller, an affiliate of LNR Partners LLC, acquired all of the properties in lieu of foreclosure from ABNK Properties LLC in September 2012.

The Boise, Idaho-based Albertsons supermarket chain closed many of its stores in mid-2012 as part of a strategic realignment in the state that affected a total of 13 stores and 1,100 jobs. Earlier this year, Sweetbay closed 33 stores in Florida.

Neither buyer would comment on the purchase.

Many of the vacant locations are likely still producing income from their existing lease agreements.