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.

"Strawberry Plaza was positioned as an excellent upside potential play, that in combination with its several strong national tenants, resulted in us setting a new record high sales price for the area," Wells tells GlobeSt.com. Wells negotiated for the seller. Bryn Merry, also of Marcus & Millichap's Tampa office, represented the buyer.