A shopping plaza that has been a fixture on U.S. 19-Gulf Coast Highway for years has changed hands.
The 95,000-square-foot Embassy Plaza, in Port Richey, was purchased for $3.5 million on Dec. 14, Mark Shellabarger, senior vice president in the Tampa office of Los Angeles-based property management firm CBRE, announced Jan. 11.
In the transaction, Shellabarger represented the seller, London-based Somerset Eagle Corp., and its U.S.-based investment advisor, Falcon Real Estate Investment Management Ltd. Jim Michalak, president of Plaza Advisors, in Tampa, represented the purchaser, Embassy Center LLC, a private, Florida-based investor.
"Embassy Plaza is 68 percent leased and offers significant upside through lease-up of vacant space and a potential, partial redevelopment of the center. The buyer was attracted to this retail center because of the opportunity to upgrade the property and tenant mix in a sub-market that is in transition,” Shellabarger said in a news release. “The Port Richey area is attracting new apartment development and new retailers which is a positive trend that will benefit Embassy Plaza.”
Embassy Plaza tenants include Office Depot, Party City, Longhorn Steakhouse and Cinema 6.