Om Ventures buys Shoppes of North Port

BUYER: North Port OMV II LLC, Tampa
SELLER: Equity One (Florida Portfolio) Inc.
PROPERTY: 14809 S. Tamiami Trail, North Port
PRICE: $7 million
PREVIOUS PRICE: $7.25 million, December 2000
LAW FIRM ON DEED: Broad and Cassel, Boca Raton

PLANS, DESCRIPTION:
Om Ventures of Tampa purchased the 84,705-square-foot Shoppes of North Port from Equity One for $7 million.

The price equated to $83 per square foot. That figure is lower than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The shopping center was built in 1991 and is anchored by Goodwill and Youfit Health Club. According to recent marketing information, the center was roughly 89% leased with 9,093 square feet of vacant space. The sale did not include the center's independently owned outparcels for Busey Bank, Hess and McDonald's.

Shoppes of North Port is located near a Publix, Walmart Supercenter and Home Depot.

The purchase entity, North Port OMV LLC, mortgaged the property to Citigroup Global Markets Realty Corp. for $5.7 million.

This story has been updated to correct the name of the buyer to Om Ventures.