Isram Realty Group buys Pasco shopping center

BUYER: Isram Pasco LLC (manager: Shaul Rikman and Shai Moschowits), Hallandale
SELLER: Pasco Station II LLC
PROPERTY: 7227, 7231, 7233, 7241, 7245, 7301, 7303, 7305, 7307, 7309, 7311, 7313, 7315, 7319, 7321, 7115, 7117, 7119, 7121, 7123, 7125, 7127, 7129, 7131, 7133, 7135, 7137, 7139, 7141, 7143, 7145, 7201, 7205, 7207, 7209, 7211, 7215, 7217, 7219 and 7221 State Road 54, New Port Richey
PRICE: $7.4 million

PREVIOUS PRICE: $9.09 million, February 1993
TITLE FIRM ON DEED: Aventura Title Insurance Corp., Aventura

PLANS, DESCRIPTION:
Isram Realty Group purchased the 135,421-square-foot Pasco Square Shopping Center for $7.4 million.

The price equated to $55 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.

The 28-year-old shopping center is located at the intersection of State Road 54 and Rowan Road. Major tenants include Beall's Outlet, Dollar General Market, Badcock Home Furnishings and Dollar Tree. The property was 90% leased at the time of sale.

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller, Phillips Edison and Co.

“This asset was constructed in 1986 and has consistently reported an above market historical occupancy rate,” Cvetetic says in a press release. “From a competitive standpoint, Pasco Square has always effectively competed for tenants due to the aggressive rent structure the owner is able to offer.”

Shaul Rikman, chairman of Hallandale-based Isram Realty Group, says the firm was attracted by the opportunity to improve the property and add to the firm's existing holdings along the Gulf Coast. It plans to do some capital improvements to the façade, roof and parking.

It will self manage the property.

Isram Realty Group owns 15 properties with roughly 1.5 million square feet of commercial space along the West Coast of Florida.