A California property investor bought the Avenues North shopping center Wednesday for $4.83 million.
Tavaco Properties LLC, through Philips Avenues LLC, acquired the center through an auction and closed on it this week.
It bought the property from Miami Beach-based LNR Partners LLC, which had taken title to the property in 2010 through WBCMT 2006-C29 Philips Highway LLC.
CenterState Bank of Florida issued a $3.38 million mortgage to Philips Avenues LLC.
The three-building center totals about 98,700 square feet on nearly 18 acres at 9357 Philips Highway. It was built in 2004 and 2005 and is assessed for tax purposes at almost $4.5 million.
Avenues North is anchored by The Tile Shop and Edwin Watts Golf. It was 68 percent occupied at the time of the sale.
Tavaco Properties is based in West Hollywood, Calif. It said it has acquired, repositioned and sold more than $1 billion of commercial assets. The company focuses on acquiring anchored community and neighborhood shopping centers.
CEO and Founder Andrew Tavakoli, who is listed as manager of Philips Avenues LLC, and his team handle all types of workouts, including defaults, foreclosures, bankruptcies and nonperforming note acquisitions, according to tavaco.com.
The website shows the company also owns other Jacksonville area properties, including University Center South.
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