In a significant transaction within the real estate sector, a fully leased shopping center in Sarasota’s Palmer Ranch has been acquired for $20.4 million. This acquisition reflects the growing interest in retail properties situated in affluent regions.
The Shoppes at Palmer Ranch, strategically located off Honore Avenue and Central Sarasota Parkway, was purchased by the real estate firm Wilder, based in Boston, along with two undisclosed long-term investors. The transaction was finalized on November 8, according to Sarasota County property records.
Initially listed for sale in June 2023, just over a year after its April 2023 opening, the center is anchored by a 65,417-square-foot Publix supermarket, including a drive-thru pharmacy and liquor store. Additional tenants include Sherwin-Williams, Wellness Animal Hospital, Fuji Sushi Steakhouse, Ann Volcano Nail Lounge, and Dental Care at Palmer Ranch.
David Mallen, a principal at Wilder, highlighted the property’s alignment with their acquisition strategy due to its quality and location in one of Southwest Florida’s more prosperous areas. Within a 3-mile radius, the local population exceeds 33,000, with an average household income surpassing $140,000.
Wilder’s commitment to enhancing this retail property is evident in their ongoing strategy of acquiring and repositioning various sites, ensuring they contribute positively to community growth. The company’s portfolio also includes another Florida shopping center, Daniels Marketplace in Fort Myers, anchored by Whole Foods.
Colliers International facilitated the sale, with Brad Peterson representing the seller, WMG Development, and Donald Jennewein arranging the financing for the acquisition.
This transaction is indicative of the attractive opportunities available in Sarasota’s commercial real estate market, particularly within high-income areas. As Wilder continues to expand its footprint, the successful acquisition of The Shoppes at Palmer Ranch underscores the dynamic nature of these investments.
Source: BusinessObserverFL
