Nearon Enterprises buys new O'Reilly store

BUYER: Hillsborough Tampa Holdings LLC (Nearon Enterprises), Danville, Calif.
SELLER: Hupp Retail Hillsborough LLC
PROPERTY: 4315 W. Hillsborough Ave., Tampa
PRICE: $1.8 million
PREVIOUS PRICE: $625,000, July 2012

PLANS, DESCRIPTION:
Danville, Calif.-based Nearon Enterprises purchased a newly built O'Reilly Auto Parts store for $1.8 million.

The price equated to $252 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Clearwater-based Hupp Realty Advisors Inc. purchased the 0.78-acre former Sonic Hillsborough Avenue site in June. It demolished the existing buildings and constructed a new 7,150-square-foot building for O'Reilly Auto Parts. The new building was completed in February.

“We're a buyer of single-tenant net-leased properties,” says Dan Rosenbaum, senior vice president of Nearon Enterprises. “We liked its location; it has some good demographics and a highly trafficked street.”

Nearon Enterprises is a real estate development and investment company founded in Palo Alto in 1945. It currently owns and manages roughly 4.5 million square feet of commercial real estate.