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Sembler Co. JV Buys St. Petersburg Shopping Center

Investors Sell Tyrone Gardens for $19 Million
By Scott Phillips
June 30, 2006 | 7:34 P.M.

Newsem Tyrone Gardens Property Owner LLC, which is a partnership between New Plan Realty Trust and The Sembler Co., acquired the 209,337-square-foot Tyrone Gardens Shopping Center at 1050 58th St. in Saint Petersburg from Tyrone Gardens LLC for $19 million, or approximately $91 per square foot. The sale price was based on a 7.4% cap rate.

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