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CLEARWATER, FL-Cypress Point Shopping Center, a 166,685-sf, 97%-leased property in one of Central Florida's strongest retail submarkets, is under new ownership today. New York-based Investcorp paid Pennsylvania State Employee Retirement System about $15 million, or $90 per sf, for the 21-year-old property, area retail brokers tell GlobeSt.com.

Investcorp officials and their representatives declined to disclose the sales price. Brad Seiden, a principal in Investcorp's real estate group, calls the asset "a superior infill location." LaSalle Partners sold the center for the pension fund. Gumberg Property Investors Inc. of Fort Lauderdale will manage and lease the center.

The class A community shopping center is located along US 19 North, the primary north-south commercial artery in Pinellas County. Anchor tenants include Burlington Coat Factory, Fresh Markets and Chuck E. Cheese. Seiden says Cypress Point is Investcorp's ninth acquisition of 2004 and its first retail investment since December 2003. The purchase brings the firm's total real estate acquisitions to $770 million this year.

Investcorp has completed transactions with an aggregate value of $25 billion since it was established in 1982. The company's real estate division oversees a portfolio of commercial, residential and hotel properties with a current market value of $2.2 billion.

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Cypress Point Shopping Center Changes Hands

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