LAKEWOOD RANCH -- A small shopping mall that had been foreclosed on by Wells Fargo Bank and other creditors has been sold for roughly half of what it went for when newly built in 2005.
Lake Osprey Plaza sold to a Tulsa real estate investment company Dec. 12 for $3.675 million, two months after the bank took the 32,600-square-foot strip mall to auction. The property previously sold to Lake Osprey Village LLC for $7 million.
Built in 2004 next to a Holiday Inn hotel, the 6257 Lake Osprey Drive property is home to a mix of tenants, including doctors' offices, Lucky Pelican Bistro and 20 Minutes to Fitness. The center is not fully leased.
The buyer, GBR Properties, holds commercial assets in Oklahoma, Texas and Florida. According to the company's website, GBR invests primarily in office and retail properties. Its Florida holdings include shopping malls in Orlando and Fort Myers.
Rusty Richardson, an executive vice president with GBR, did not immediately respond to a request to comment on the purchase.
According to Manatee County records, a foreclosure suit showed that the former owners of the center owed creditors Wells Fargo and Credit Suisse First $6.4 million.
It has been an active year for shopping mall transactions in the Lakewood Ranch area. In October, Publix purchased the Lakewood Walk Shopping Center at 11215 E. State Road 70 for $26.3 million from North American Properties of Cincinnati. During the same month, Colterra Capital of Montreal bought the 10.6-acre center Ranch Lake Plaza on State Road 70 for $11.6 million. Four months earlier, the nearby River Club Plaza sold to an Orlando buyer for $7.35 million.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter@MattAtBradenton.