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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
