Tampa's Om Ventures buys North Port Commons

BUYER: North Port OMV LLC (principals: Dharma and Krishna Malempati), Tampa
SELLER: Saber-North Port LLC
PROPERTY: 14800 N. Tamiami Trail, various units, North Port
PRICE: $5.3 million
PREVIOUS PRICE: $2.1 million, May 2011
LAW FIRM ON DEED: Madden Law Firm LLC, Fort Myers

PLANS, DESCRIPTION:
Tampa-based investment group Om Ventures Inc. purchased the 42,497-square-foot North Port Commons retail center for $5.3 million.

The price equated to $125 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.

Constructed in 2006, North Port Commons features a mixture of one- and two-story retail buildings. The center is 86% leased.

Mark Shellabarger of CBRE Investment Properties represented the seller, Saber-North Port LLC, and Allen Henderson of CBRE Debt & Structured Finance arranged financing for the buyer. Ron Struthers and Howard Corr of Coldwell Banker Commercial NRT handled leasing and management for the seller and assisted with the sale.