Canada's Colterra Capital buys Terrace Oaks Plaza

BUYER: Terrace Oaks Plaza Realty LP (principals: Robert Berger, Pierre Trudeau, Richard Glickman and Tony Passander), Montreal, Quebec, Canada
SELLER: Regis Inn LLC
PROPERTY: 11301 N. 56th St., Temple Terrace
PRICE: $5.4 million
PREVIOUS PRICE: $3.45 million, April 1999
LAW FIRM ON DEED: Bivins & Hemenway PA, Valrico

PLANS, DESCRIPTION: An affiliate of Montreal-based real estate investment firm Colterra Capital purchased the 40,659-square-foot Terrace Oaks Plaza shopping center for $5.4 million.

The price equated to $133 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 27-year-old center is located within walking distance of the University of South Florida and is close to several major attractions, including Busch Gardens, Adventure Island and the Museum of Science and Industry. The center's primary tenants include: Shapes Fitness, Bright House Networks, Antonio's Pasta Grille, Chuck's Natural Foods and Edible Arrangements.

James Medefind and Patrick Whitney, investment specialists in Marcus & Millichap's Tampa and Dallas offices, represented the seller, a private investor. Medefind also represented the buyer.

“There was no distress; this was a very stabilized deal,” says Medefind. “There was a single vacancy, under 3% of the total space.” Medefind says that finding non-recourse financing was the key element in closing the sale.

Colterra Capital was formed in 2012 to invest in and manage real estate, primarily in Quebec and select markets in the United States, for private and institutional investors.

The purchase entity Terrace Oaks Plaza Realty LP mortgaged the property to Cantor Commercial Real Estate Lending LP for $4.05 million.