Northbay sale opens ownership opportunities

In a record deal for [tag]Tampa Bay[/tag] area retail, [tag]Northbay Commerce Center[/tag] has sold for $28.9 million, or nearly $300 a square foot.Los Angeles-based [tag]SCI Real Estate Investments[/tag] confirmed it bought the grocery-anchored center from developer Monroe’s Prestige Group Inc. The April 21 closing opened the door for SCI to offer [tag]tenant-in-common[/tag] co-ownership of Northbay, meaning interested parties with at least $300,000 can buy a piece of the center. Real Estate Riches: How to Become Rich Using Your Banker\'s Money

SCI, which has seven Florida properties valued at more than $221 million, apparently didn’t mind paying what commercial real estate observers believe is an all-time-high price for large retail centers in the Bay area. Several other local centers have sold for well above $200 a square foot in recent years.Retail properties in the Bay area and throughout Florida are in big demand by real estate investors from across the country because of rising population growth and likewise household incomes. Those anchored by Lakeland-based Publix Super Markets Inc. are the most coveted because of that chain’s strong credit reputation.