Investors Reap 90% Return on 16-Month Investment

BRADENTON, FL-Well-maintained, highly leased neighborhood shopping centers have been the hottest item on the commercial real estate radar screen for the past two years. So it was no great surprise to area brokers when South Florida syndicators Maurice Egozi and Alan Sakowitz reaped a return of 89.5% for themselves and their investment group on a local shopping center transaction.

What was surprising, however, brokers tell GlobeSt.com, was that the Egozi-Sakowitz team accomplished the feat after holding the 37-year-old property for only 16 months.

Under the corporate names of Cortez Pointe LLC and Cortez Point 1, Egozi-Sakowitz bought the 289,110-sf, 26-acre Cortez Plaza on June 14, 2002 from OAIC Florida Partnership LP in West Palm Beach, FL for $21.2 million, or $73.16 per sf.