RMC Property Group buys Palm Harbor Office Depot

BUYER: RMC N19 LLC (principals: Mitchell Rice and H. Robert Eggleston III), Tampa
SELLER: Robert Green and Nancy Beach, individually and as trustees of the A.R. Green Irrevocable Family Trust
PROPERTY: 33650 U.S. 19 N., Palm Harbor
PRICE: $6.75 million
PREVIOUS PRICE: $6.29 million, November 1997
LAW FIRM ON DEED: All Florida Title Agency Inc., Tampa

PLANS, DESCRIPTION: RMC Property Group purchased a 60,000-square-foot retail building at the intersection of U.S. 19 and Nebraska Avenue for $6.75 million.

The price equated to $112 per square foot. That figure is less than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The building was constructed in 1997 and occupies a 7.39-acre site. It is fully leased to Office Depot.

“We are excited by the long-term potential of the center given its location and U.S. Highway 19 exposure,” Bobby Eggleston, chief real estate officer and chief financial officer for RMC, says in a press release.

RMC Real Estate Services leases and manages more than 8 million square feet of commercial real estate space in Florida. Its portfolio includes retail, office, industrial and raw land. Best known for its retail properties, the company has developed more than 140 freestanding drugstores, developed or redeveloped more than 25 Publix-anchored shopping centers, and renovated and redeveloped several other retail and mixed-use properties over the past 15 years.