Investcorp officials and their representatives declined todisclose the sales price. Brad Seiden, a principal in Investcorp'sreal estate group, calls the asset "a superior infill location."LaSalle Partners sold the center for the pension fund. GumbergProperty Investors Inc. of Fort Lauderdale will manage and leasethe center.

The class A community shopping center is located along US 19North, the primary north-south commercial artery in PinellasCounty. Anchor tenants include Burlington Coat Factory, FreshMarkets and Chuck E. Cheese. Seiden says Cypress Point isInvestcorp's ninth acquisition of 2004 and its first retailinvestment since December 2003. The purchase brings the firm'stotal 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 realestate division oversees a portfolio of commercial, residential andhotel properties with a current market value of $2.2 billion.