B&L Investments LLC buys Riverview Bell Plaza Phase II

BUYER: B&L Investments Riverview LLC (principal: Brad Luger and Henry Brenner Jr.), Tampa
SELLER: DD/Riverview II LLC
PROPERTY: 10265 Big Bend Road, Riverview
PRICE: $2.19 million
PREVIOUS PRICE: $3.34 million, March 2005
LAW FIRM ON DEED: Lewis Roca Rochgerber LLP, Phoenix

PLANS, DESCRIPTION: An affiliate of Tampa-based investment group B&L Investments LLC purchased the 12,920-square-foot Riverview Bell Plaza Phase II for $2.19 million.

The price equated to $169 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 7-year-old strip center had a single 1,430-square-foot vacancy at the time of the sale. Its current tenants, include Amscot, Mi Casa Mexican Restaurant, Lovely Nails and Wireless and More. The new owners have an agreement to lease the final suite to Caffe Italia, according to Brad Luger, a B&L Investments partner.

“There has been quite a bit of activity in that area of Riverview with a lot of new homes,” says Luger. “There's been a lot of interest in this intersection because of the new [St. Joseph's Hospital-South] under construction.”

The purchase did not include any of the outparcels to the center.

Purchase entity B&L Investments Riverview LLC mortgaged the property to Genworth Life Insurance Co. for $1.5 million.

B&L is an investment firm that acquires neighborhood shopping centers in Tampa MSA.