Lamar paid Fort Lauderdale-based Inverness Associates Ltd.$49.74 per sf for the 21-year-old, 19.9-acre property on the eastside of US 41 and one-quarter mile north of State Road 44. Publix,Big Kmart and Beall's anchor the center.

Jim Michalak, senior director in the Tampa office of Cushman& Wakefield of Florida Inc., negotiated the sale for theseller. The buyer represented itself. Michalak tells GlobeSt.comthe deal was done at this time because "the selling partnershipdecided to take advantage of the capital markets, low cap rates andthe high-value environment." The broker says "the locationattributes and dominant tenant mix of the asset were verycompelling" to the buyer.

Publix and Kmart have operated at the 22-tenant center for over20 years. The average asking gross rent for local space is $12 persf.

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