ICORR Properties president buys Cedar Plaza center

BUYER: 3102 53rd LLC (ICORR Properties International LLLP), Sarasota
SELLER: Cedar Plaza Investments Inc.
PROPERTY: 3102, 3104, 3132, 3104, 3130, 3126, 3122, 3120, 3112, 3110, 3106, 3134, 3146, 3142 and 3138 E. 53rd Ave., Bradenton
PRICE: $3.48 million
PREVIOUS PRICE: $2.58 million, December 2003
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen Ginsburg PA, Bradenton

PLANS, DESCRIPTION: Ron Wolf, president of the real estate firm ICORR Properties International, purchased the 28,152-square-foot Cedar Plaza shopping center for $3.48 million.

The price equated to $124 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 strip center is 91% occupied. Prominent tenants include: Woody's BBQ, Jackson Hewitt, Richard's Food Emporium, Pizza Hut, Tinks' Lounge, Advanced Chiropractic and Katie's Cafe.

“We plan to spruce it up with new landscaping and maybe some parking lot work,” says Susanne Stovall of ICORR. “We will make sure the buildings are looking their best and that everything in it works well. It is in an excellent location with great visibility on State Road 70. The tenants have been there for a while and are very well established.”

ICORR Properties will handle marketing and managing the center. It currently self manages One Sarasota Tower and seven strip centers from Tampa to Punta Gorda. It also provides third-party leasing and management services to others.