Bluejay Management buys Piers in Port Richey

BUYER: Port Richey Partners LLC (principal: Yerachmeal Jacobson), Lawrence, N.Y.
SELLER: KSH Argate Port Richey LLC
PROPERTY: 6401 and 6411 Tacoma Drive and 9661 U.S. 19, Port Richey
PRICE: $9.4 million
PREVIOUS PRICE: $2.07 million, May 2012

PLANS, DESCRIPTION: Lawrence, N.Y.-based Bluejay Management LLC purchased the 91,000-square-foot The Piers in Port Richey for $9.4 million.

The price equated to $103 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 seller, Deerfield Beach-based Konover South LLC, purchased the property, which contained an empty 100,000-square-foot retail big-box building, in 2012. The firm then redeveloped the building, creating two large spaces that were leased for a 65,000-square-foot Burlington Coat Factory and a 26,000-square-foot H.h.gregg.

The sale was part of a strategic divestment by Konover South, following its purchase of an 883,926-square-foot Florida retail portfolio late last year.

The center is adjacent to Gulf View Square Mall on U.S. 19.

HFF's Miami office represented the seller.

Bluejay Management did not return a request for comment on the purchase.

Marc Jacobowitz and Yerachmeal Jacobson founded Bluejay Management in 2003. The company has owned and managed nearly 2 million square feet of property to date totaling over $300 million.