ST. AUGUSTINE, FL-Sticking to a strategic seven-year hold-and-sell plan, Brad Cous Golf Venture Ltd. has sold the seven-year-old, 80,000-sf Shops at World Golf Village here to MW Golf Properties LLC for $13.5 million. The $168.75-per-sf price is the highest recorded in the St. Augustine market in the past three years, local retail brokers tell

Brad Cous is a Florida limited partnership whose general partner is Atlanta-based Cousins Properties Inc. Brad Cous is a 50-50 partnership between Cousins and W.C. Bradley Co. of Columbus, GA.

“We developed the Shops at World Golf Village back in 1999, and together with our partner, we successfully managed the property for almost seven years,” says Joel Murphy, president of Cousins’ retail division. “We enjoyed our partnership and long-term working relationship with W.C. Bradley Co. and wish the new owners much success.”

Bill Weisman and Dan Mandel are the principal partners and investors in Boca Raton-based MW Golf Properties. The shopping center is near the intersection of Interstate 95 and International Golf Parkway. The tenant roster includes Caddyshack, the First Tee, Augustino’s Italian Steakhouse, Levitt & Sons, PGA Tour Stop and Bluegreen Resorts.

Murphy didn’t disclose the occupancy level at closing or the average asking base rents. However, area retail brokers familiar with the center tell the area’s rent range is $17 to $21 per sf. They estimate the occupancy at about 90%.

Brokers Cliff Taylor and Lou Nutter of CB Richard Ellis Inc.’s Jacksonville office negotiated for the seller. The buyers represented themselves. Goldman Sachs Commercial Mortgage Capital provided undisclosed financing for the acquisition.

MW Golf Properties’ other North Florida holdings include Deerwood Village Mall, Lakeside Office Building and the Double Eagle Office Building located at the entrance to World Golf Village.

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