New owner envisions revitalized Courtyards plaza

LAKEWOOD RANCH — Tucked behind the Walgreens on Town Center Parkway, a commercial node that has largely remained stagnant over the last few years is getting a new chance at life.

Tampa-based Courtyards of Market Square, managed by bankruptcy attorney Al Salem, of Tampa, purchased the 21,500-square-foot Courtyards at Market Square plaza out of bankruptcy. Courtyards of Market Square purchased the plaza at 9114 Town Center Parkway for $1.35 million.

The deal closed Dec. 22, and, without any advertising, Salem already has fielded more than a dozen inquiries about the property from prospective tenants.

“We’ve actually pre-leased a good portion of the space,” Salem said, noting there are about 20 units, which vary in size. “This property is well suited for medical- and professional-office space versus retail. It’s close to the hospital. We expect a strong demand from the medical community, and that’s what we’re seeing right now.

“It’s known out there property has changed hands, and people are interested in the space,” he said. “I think it’s a well-identified location and a well-identified property.”

Salem said his company is working to renovate the plaza by improving landscaping, repainting the buildings and re-doing the parking area.

“Getting it back to its earlier glory,” Salem said, chuckling.

The plaza’s previous owner, M&M Development, bought the land in June 2002 for about $901,000 and borrowed $1.95 million to construct the plaza. However, M&M filed for Chapter 11 bankruptcy protection in March 2011, listing $1.7 million in debts and more than twice that much in assets.

Salem said the bank had been holding off on foreclosing on the property, and the lender approached him about acquiring the plaza. Courtyards of Market Square acquired the note and mortgage for the property.
The plaza currently has three tenants — a nail salon, a martial arts studio and Quiznos restaurant. All three businesses will remain in the plaza, Salem said.

Salem said the plaza has had a high occupancy in the past and expects a new focus on attracting medical and professional businesses will lend to its future success.

The commercial plaza is the first property of any kind Salem has acquired in Manatee County. Although most of Salem’s holdings are in the Tampa area, Salem said the acquisition could spark additional interest in properties in Lakewood Ranch.

Contact Pam Eubanks at [email protected].