Miami investor group buys University Commercial Center

BUYER: Orion Venture VI LLC (principals: Barry Brant and Joseph Sanz), Miami
SELLER: University Commercial Center Ltd.
PROPERTY: 11601 N. 15th St., 4611 N. Hale
Ave. and 1501, 1507, 1509, 1511, 1513, 1701, 1707, 1711, 1715, 1721, 1727, 1801, 1805, 1915 and 1911 E. Fowler Ave., Tampa
PRICE: $13.4 million
PREVIOUS PRICE: $21,000, October 1979
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa

PLANS, DESCRIPTION:
An investment group managed by Miami-based Orion Investment and Management Limited Corp. purchased the 17.69-acre University Commercial Center property for $13.4 million.

The price equated to $92 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.

With 2,000 linear feet on Fowler Avenue, the property stretches across 19 parcels and houses a total of 145,551 square feet of commercial space. The sale included 11 single-tenant freestanding retail/service buildings, four multi-tenant retail/office and storefronts, a self-storage and storefront complex, four showroom warehouse metal buildings and three billboard leases.

At the time of the sale, University Commercial Center had a single vacant building and a few smaller vacancies in self-storage space on the property. Tenants in the various buildings include Dunkin' Donuts, Wendy's, Taco Bell, Subway, Sherwin-Williams, Checkers Drive In, Bulls Outfitters and Maaco Auto Body Shop.

“This property has been owned for several decades by the same owner, who did quite a great job building them to meet the demands of the market,” says Norman Buhrmaster, senior vice president of Orion Investment and Management. “We bought it generally for the cash flow and the upside opportunity of its proximity to the University of South Florida. We may be doing some [appearance] enhancements to the property, but the former owner did a terrific job.”

Elliott Ross, John Stoner and Dennis Bush of The Ross Realty Group Inc. represented the seller. Orion Investment and Management Limited has retained Ross Realty to lease and manage the property.

The purchase entity Orion Venture VI LLC mortgaged the property to First National Bank of South Miami for $8.5 million.

Orion Investment and Management buys, manages, leases, develops and markets commercial properties. The company also specializes in other services such as asset management, real estate consulting, property management and third-party development.