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PLANT CITY, FL-Midway between Tampa and Orlando, the 109,172-sf, class B Strawberry Plaza shopping center is under new ownership today after being on the market for only 37 days. Miami-based Kendall Pavillion LLC paid Lindell Properties LLC of Tampa $10.9 million, or $92.50 per sf, for the 23-tenant property at 1808-1914 Jim Redman Parkway. The 20-year-old center is 70% leased.

David Wells, a senior investment associate in the National Retail Group of Marcus & Millichap Real Estate Investment Brokerage Co. of Florida, calls the $92.50-per-sf price a new high for the area. "It's a tremendous sales price for Plant City and any other tertiary submarket of Tampa," Wells tells GlobeSt.com. Three other buyers were also bidding on the property.

The deal was done at this time for the seller to recognize "market profit" on the property, Wells says. Lindell Properties had owned the 21-acre Strawberry Plaza site for six years. The transaction took 119 days to complete. Wachovia provided acquisition financing at a loan-to-value factor of 70%. Staples occupies 30,935 sf and anchors the center.