New York City's Sung family buys Shoppes of Venice

BUYER: VJHC Holdings LLC (50% interest) and CHJV Development LLC (50%) (Sung & Co. PC), New York City

SELLER: Shoppes of Venice II LLC
PROPERTY: 4260 S. Tamiami Trail, Venice
PRICE: $2.85 million
PREVIOUS PRICE: $450,000, November 2005
LAW FIRM ON DEED: Berlin Patten PLLC, Sarasota

PLANS, DESCRIPTION: New York City's Sung family purchased the 10,421-square-foot Shoppes of Venice retail strip center for $2.85 million.

The price equated to $273 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.

Located at the southeast corner of Tamiami Trail and Jacaranda Boulevard, the center is an outparcel to a Wal-Mart Supercenter. The five-unit retail development is fully leased. Its tenants include Verizon Wireless, Amscot Financial, GameStop, Mattress Firm and China Taste.

“We felt it was a good hard asset investment given the current economy,” says Thomas Sung. “The property is relatively new. It was built in 2007 and first occupied in 2008. We're not planning any changes.”

The Sungs are part-time residents of Longboat Key. Thomas Sung, an immigration lawyer, is better known as a real estate investor and the founder of Abacus Federal Savings Bank in New York City's Chinatown.

The affiliated purchase entities, VJHC Holdings LLC and CHJV Development LLC, mortgaged the property to the seller Shoppes of Venice II LLC for $1.75 million.