Harrod Properties company buys Hillsborough Galleria

BUYER: Galleria Land Holdings LLC (director: Gary Harrod), Tampa
SELLER: Robert Schmidt Jr. and Stephen Thompson
PROPERTY: 4340 W. Hillsborough Ave., Tampa
PRICE: $6.45 million

SELLER: SM Galleria LLC

PROPERTY: 4340 W. Hillsborough Ave., unit 300, Tampa
PRICE: $300,000
PREVIOUS PRICE: $2.7 million, June 2010
LAW FIRM ON DEED: Bryan J. Stanley PA, Clearwater

PLANS, DESCRIPTION:
An affiliate of Tampa-based Harrod Properties Inc. purchased the 170,242-square-foot Hillsborough Galleria for $6.75 million.

The price equated to $40 per square foot. That figure is lower than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

The 26-year-old retail neighborhood center, located at the southwest corner of Hillsborough and Lois avenues, has several large vacancies. Its biggest open tenant spaces include a 50,000-square-foot big box space and a 34,483-square-foot former Bally Total Fitness building.

The center's current anchor tenants include Bravo Supermarket, Tile Outlets of America and CAC-Florida Medical Centers.

The development firm declined to comment on the purchase.

Harrod Properties, founded in 1990 by Gary W. Harrod, has been involved in the development of more than 15 million square feet of office, industrial, retail and medical property.

The purchase entity, Galleria Land Holdings LLC, mortgaged the property to USAmeriBank for $6.85 million.