Commercial Partners Realty is pleased to announce the sale of 123 acres of retail and multifamily land in the first phase of a mixed-use development on the State Road 54 corridor in Pasco County. CPR Team member Jim Engelmann represented the sellers, Smith HV & Smith MV Co-Trustees & Dolcimascolo MM et al, in the $6,282,000 transaction.
According to Engelmann, “This property is one of the last large development sites along the State Road 54 corridor. When COVID disrupted the commercial real estate market, there were definite concerns that the retail users and residential developers would walk away from this site, as well as other properties under contract. However, the Pasco market is very strong, and demand is high for convenience, quick service restaurants and new homes. All of the intended users stayed under contract and are now preparing to start construction. As the Pasco momentum continues, we will see more mixed-use developments come online.”
While the virus was definitely a concern, it did not ultimately stop the project’s developer, the Ferber Company, from moving forward. The Ferber Company, is a privately held real estate development and investment company that is involved in a broad array of commercial real estate projects. Their clients range from local businesses to large national brand retailers. The company was pleased to close on the first phase of the project.
Ryan Plate, Vice President of the Ferber Company, praised the CPR Team for their efforts in getting the deal done.
“Jim Engelmann, with the CPR team, was an integral part to the success of this first closing. He was diligent in his efforts throughout and helped facilitate many constructive conversations with his client, which ultimately helped us get to the finish line. I’ve really enjoyed working with Jim because he helps find solutions and isn’t someone who sits on the sidelines. I know that Ferber will do many more deals with Jim and the CPR team in the future.”
The second phase of the development, which includes 41 acres of residential land, is expected to close by the end of the year.
Commercial Partners Realty is a full service Commercial Real Estate brokerage specializing in Office, Industrial, Retail, Land and Investment sales and leasing. Representing landlords, tenants, buyers and sellers of commercial real estate in Tampa Bay, Pasco County and West Central Florida, they have negotiated hundreds of millions of dollars in transactions in the region.
Commercial Partners Realty is a proud member of the George F. Young corporate family. Our parent company is a full-service professional consulting firm offering engineering, planning, landscape architecture, environmental, and surveying services throughout Florida. Established in 1919, George F. Young, Inc. has been serving the Tampa Bay area and beyond for over 100 years.