RD Management LLC buys, redeveloping University Mall

BUYER: University Mall Soho Owner LLC (15.9% interest), University Mall Portwood Owner LLC (59.5%) and University Mall TIC Owner LLC (24.6%) (managers: Jay Furman and Richard Birdoff), New York City
SELLER: LSREF2 Clover Property 18 LLC
PROPERTY: 2102, 2200 and 2266 E. Fowler Ave. and 12313 Club Drive, Tampa
PRICE: $29.5 million
PREVIOUS PRICE: $144.7 million, July 2007 and $1.18 million, January 2008
LAW FIRM ON DEED: Hunton & Williams LLP, Dallas

PLANS, DESCRIPTION:
Three affiliates of RD Management LLC purchased the 675,294-square-foot University Mall for $29.5 million.

The price equated to $44 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 regional mall, located on Fowler Avenue west of Bruce Downs Boulevard and North 30th Street, is anchored by a 143,614-square-foot Macy's, 220,524-square-foot Sears, 177,680-square-foot Dillard's and 101,193-square-foot Burlington Coat Factory. Previously known as University Square Mall, the 55.31-acre property also includes 6,522 parking spaces.

The property's largest vacancy is a two-story former JCPenney department store space.

RD Management LLC had not responded to a request for comment prior to deadline. However, in a since-removed section of its website, the firm announced plans for partial mixed-use redevelopment of the center. Possible uses/tenants of the conceptual site plan include student housing, medical office space, a grocery store, warehouse club and fitness center.

The seller, an affiliate of lender Lone Star Funds, foreclosed on the property in September 2012.