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

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


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

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.