One of Cincinnati’s most fashionable Hyde Park Square retail spaces – housing a landmark Lululemon store – was acquired by a Joint Venture of Deerfield Beach, Fla.-based Konover South LLC, Charlotte, N.C.-based Zucker Investment Group (ZIG) and Rob Truett of Truett Realty Group, West Palm Beach, Fla.
Located at 3500 Michigan Avenue at the corner of Erie Avenue, the prime 3,651 square foot ground-floor space anchors the luxury six-story Michigan Terrace condominium residences. The purchase price for the retail property was $1,370,000 equaling $375 per square foot.
In making the announcement, Konover South CEO David Coppa stated, “Our partnership is pleased to have ownership in Cincinnati’s thriving Hyde Park Square, and in this prime property specifically which is occupied by long-term leaseholder Lululemon.” Aaron Baum and Preet Sabharwal of SAB Capital, New York, represented the seller. A loan in the amount of $920,000 was provided by KS Lending Corporation, a Konover South company.
At the helm as CEO of Konover South since 2010, David Coppa has transformed the venerable 62-year-old family business into a recognized leader in retail infill ground-up centers primarily in Florida’s core markets. Coppa is now in his 20th year in the family business begun by the legendary Simon Konover in 1957.
Built on a legacy of family tradition spanning three generations, Konover South continues the successful track record of The Simon Konover Organization, an industry-leading real estate company since 1957. Konover South is a fully integrated acquisition, development and management company operating throughout the southeastern United States. Led by David Coppa, CEO, Konover South LLC is headquartered at 431 Fairway Drive, Deerfield Beach, Fla., phone 954-354-8282. Visit the company’s website at www.konoversouth.com.