European Equities Corp. buys Isla Del Sol Shoppers Village

BUYER: Isla Del Sol Shoppers Village LLC (principal: David McComas), Clearwater
SELLER: Duluth Developers LLC (50% interest) and EBK Properties Inc. (50%)
PROPERTY: 5901 Sun Blvd., St. Petersburg
PRICE: $3.95 million
PREVIOUS PRICE: $1.07 million, July 2002
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burn LLP, Clearwater

PLANS, DESCRIPTION: Clearwater-based European Equities Corp. purchased the 46,788-square-foot Isla Del Sol Shoppers Village for $3.95 million.

The price equated to $84 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The two-story retail and office complex was 79% occupied at the time of the sale. Tenants include Regions Bank, Subway, Patchington, Boardwalk Pasta & Seafood and Tokyo Bay Japanese Restaurant and Sushi. The development is the only retail and office project located within the 350-acre Isla Del Sol island, which features condominiums and villas, a yacht and country club with an 18-hole golf course.

CBRE represented the seller.

“Isla Del Sol Shoppers Village has long been a preferred destination for retailers and office users serving the nearby beach and waterfront communities,” CBRE Senior Vice President Mark Shellabarger says in a press release. “The buyer was attracted to the investment property because of its unique, inimitable location, stable mix of long-term tenants, and upside potential.”