C. Bissett Hayes Properties buys Kings Lake Corner

BUYER: Bissett-Hayes Big Bend LLC (principal: C. Bissett Hayes PA), Tampa
SELLER: Big Bend Kings LLC
PROPERTY: 7130 Big Bend Road, Gibsonton
PRICE: $2.6 million
PREVIOUS PRICE: $1.3 million, February 2005
TITLE FIRM ON DEED: Title Agency of Florida Inc., Indian Shores

PLANS, DESCRIPTION:
Tampa-based commercial real estate firm C. Bissett Hayes Properties purchased the 15,000-square-foot Kings Lake Corner for $2.6 million.

The price equated to $173 per square foot. That figure is higher than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The retail strip center is fully leased. Tenants include CrossFit Apogee, Oops-A-Daisy florist, North American Title Co., Pegasus Paints, ID Barbers and Verizon. A final tenant, Long Island Pizza, is currently under construction.

According to Courtney Bissett, managing partner for C. Bissett Hayes Properties, the buyer was most attracted to the property by its location.

“Southeast Hillsborough County is the highest growing area of the county,” she says. “Across from us you have the 6,000-unit Waterset community. It's near the hospital and the YMCA, which will be opening this year.”

The purchase entity, Bissett-Hayes Big Bend LLC, mortgaged the property to First Citrus Bank for $1.69 million.