Centennial American Properties' purchase makes way for Trader Joe's

BUYER: Cap Dale Mabry LLC (Centennial American Real Estate Ltd.), Greenville, S.C.
SELLER: Swann Avenue Properties LLC
PROPERTY: 3808 W. Swann Ave., Tampa
PRICE: $2.7 million
PREVIOUS PRICE: $1.2 million, June 2005
LAW FIRM ON DEED: Dye Deitrich Petruff & St. Paul PL, Bradenton

PLANS, DESCRIPTION: Centennial American Properties LLC purchased an 11,400-square-foot former Shapes Total Fitness gym for $2.7 million.

The price equated to $237 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.

The developer acquired the acre property to create a retail store for Trader Joe's. The Monrovia, Calif.-based retailer has confirmed it plans to lease the fitness center property.

Centennial American Properties' general contractor, Vannoy Construction Inc., started construction on the site in mid-August. Barry Byrd Architecture, of Knoxville, Tenn., designed the project.

Trader Joe's is scheduled to open the store next year.

Founded in 1976, Centennial American Properties has developed more than 7 million square feet of commercial space. It developed a former Rooms to Go store site into Trader Joe's Sarasota store, which the developer sold in late 2012 to Cole Real Estate Investments for $7.23 million.

Purchase entity Cap Dale Mabry LLC mortgaged the property to Regions Bank for $5.12 million.