Victoria Square Partner LLC bought the 100%-leased property at1450 N. Courtenay Parkway from Equity Investment Group MerrittIsland LP for $5.98 million, or about $54.04 per sf. The deal tookseven months to close due to environmental issues that had to beresolved on the 13.58-acre tract, Jim Michalak, a senior directorin the Tampa office of Cushman & Wakefield of Florida Inc.,tells GlobeSt.com.

"There was a nominal amount of dry cleaner contamination and wehad to go through the process of getting insurance," Michalakexplains. "Each party had to hire their respective engineeringfirms, so the process was time consuming."

"You would be shocked at the percentage of shopping centers,particularly those that are 10 years or older, that havecontamination. I deal with this topic on a good portion of mysales," he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.