Clearwater real estate investor buys Florida Federal Plaza

BUYER: Commons at Federal Plaza LLC (principal: Anthony Ficara), Clearwater
SELLER: Shadi Property Investments LLC
PROPERTY: 850 49th St., St. Petersburg
PRICE: $2.29 million
PREVIOUS PRICE: $2 million, August 2010
TITLE FIRM ON DEED: Sure Title LLC, Clearwater

PLANS, DESCRIPTION: Clearwater investor Anthony Ficara purchased the 33,147-square-foot Florida Federal Plaza retail center for $2.29 million.

The price equated to $69 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 58-year-old shopping center is anchored by a Save-a-Lot Grocery and Dollar General. It was 85% occupied at the time of the sale.

Moe Derbala in Marcus & Millichap's Tampa office handled the sale.

“The center was last renovated in '82 or '83,” says Derbla. “It was a neighborhood center with no immediate competition that serves the demographics in that area.”