Bee Ridge Sq.. Picture courtesy of Benderson Growth
Benderson Growth has acquired Bee Ridge Sq., a 128,399-square-foot retail heart in Sarasota, Fla. Burlington Coat Manufacturing unit Warehouse Corp. bought the asset for $14.4 million, based on Enterprise Observer. Atlantic Capital Companions’ Justin Smith, Chris Peterson, Fred Victor and Sam Koonce represented the vendor and procured the client.
Earlier this 12 months, Benderson Growth additionally acquired a grocery-anchored, 54,226-square-foot retail asset in Cambridge, Mass. The property encompasses a two-story, 40,800-square-foot Entire Meals Market and an adjoining 13,426-square-foot Walgreens retailer.
A Sarasota retail heart
Positioned on roughly 12 acres at 3941 Cattlemen Highway, the buying heart got here on-line in 1982, CommercialEdge information reveals. A Burlington retailer, which has been working on the property since 2003, anchors Bee Ridge Sq.. The tenant roster additionally consists of Stage Door Studios, ofKors Bakery and EGGSTraordinary Café, amongst others.
Bee Ridge Sq. is in a extremely trafficked space simply west of Interstate 75. Downtown Sarasota is a few 8 miles northwest.
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Regardless of an total lower in year-over-year retail gross sales development within the first quarter of this 12 months, sure classes akin to malls, miscellaneous retail and electronics shops confirmed nonetheless piqued buyers’ curiosity, a latest CBRE report exhibits.
Within the first quarter, the nationwide common retail availability dropped to 4.8 %, marking a 50 foundation level lower from the earlier 12 months. The worth represents the bottom degree since CBRE started monitoring the market in 2005.
