The former home of CiCi’s Pizza in Zephyrhills now has a new owner.
NW Evergreen Opportunities IV LLC, a real estate investment fund out of Portland, Ore., purchased the 12,600-square-foot Zephyr Place plaza for $1.9 million, primarily assuming nearly $1.7 million in loans borrowed against the property.
The purchase was in lieu of foreclosure from Synovus Bank, according to Pasco County property records.
Zephyr Place LLC built the 6830 Gall Blvd., location near the Pin Chasers bowling alley in 2008. The company was owned by CiCi’s franchisees Giorgio and Lisa Bertrand, who operated a CiCi’s there until earlier this year, when it closed its doors. The center has been mostly vacant ever since.
NW Evergreen Opportunities IV is a part of Red Hills Acquisitions LLC in Oregon, and focuses primarily on distressed and foreclosed real estate, according to the Portland Business Journal. It provides an alternative to lenders, who otherwise would have to foreclose on a property owner who is not making the mortgage payments.
NW Evergreen has not announced its plans for the property. A request for comment to one of Red Hills’ principals, Mike Parthasarathy, was not returned.
This is only the third major commercial real estate transaction in Zephyrhills this year. National Retail Properties LP of Orlando bought two parcels in June: the SunTrust Bank location at 5435 Gall Blvd., for $3.5 million, and the Arby’s restaurant location at 7446 Gall Blvd., in June for $1.5 million.