The commercial real estate market world has really awakened in the last few years and Tampa and many other parts of Florida are coming back. I recently was talking to a business owner that would love to sell several of his commercial properties, but he can’t find any buyers. In my conversations with him about his buildings he has mentioned to me that he has some large plots of land and even a commercial shopping center with large parking lot. The land is in Hernando County, Pasco County and then the commercial shopping center is located in Ocala right off the main drag (SR200) and has had a decent vacancy rate. Ocala, Florida is a solid area about two hours north of Tampa that has a lot of new construction and growth happening throughout.
So the search as of lately is for an individual, fund or group of investors that collectively want to leverage a large commercial purchase price for a healthy return. In 2007 the shopping center was valued and even under contract for over 15 million. Today, that same piece can probably be purchased around the 7 mil price. Obviously it would be available to an individual with a large portfolio but most of the time it’s a group that ends up purchasing something this large. If you are an overseas or out of town buyer, we can even provide management for you to make the package work.
Another client of ours is looking to short sale a golf course in New Port Richey, Florida. The amount owed is 2.4 mil and the bank apparently is looking for 1.8 mil. The course is still open and popular with the locals but in need of revamping. This project could turn out to be better than the numbers I am presenting here but we figure people need to have a good general idea as to what price point and location.
Additionally I have another client looking to sell that has two commercial spaces/buildings in downtown New Port Richey, Florida. These are Class C buildings and are both priced under 500k with a motivated seller. The one is about 6,000 square foot and functions as a business on the first floor and the second floor has five individual apartments. The other building is about 3,000 square foot and rented currently. More details can be made available for anyone interested. Just send an email to Kevin McCullough firstname.lastname@example.org.