• Thu. Feb 22nd, 2024

    Benderson Development Expands Portfolio with $30.5 Million Acquisition in Sarasota

    BySharna Bass

    Jan 30, 2024
    Benderson Development Expands Portfolio with $30.5 Million Acquisition in Sarasota

    Benderson Development, a national real estate company, has kickstarted the new year with an impressive $30.5 million purchase of a sprawling shopping center located on Tamiami Trail, just south of Bee Ridge Road. This acquisition further solidifies Benderson Development’s presence in the Sarasota area.

    The shopping center, known as Glengary Shoppes, boasts 95,500 square feet of retail space and is currently 97% leased. Among its notable tenants are Best Buy and Barnes & Noble, who occupy substantial portions of the center. The strategic location of Glengary Shoppes, combined with its robust lease occupancy, presents a promising investment opportunity for Benderson Development.

    Over the past few years, Benderson Development has been actively expanding its property portfolio in the vicinity of Glengary Shoppes. The company’s headquarters, situated near Lakewood Ranch in Manatee County, further exemplifies its commitment to the Sarasota region. Benderson Development’s ownership extends to key properties such as Siesta Promenade, The Landings, Café Baci, and the Crossings at Siesta Key.

    The recent acquisition aligns with Benderson Development’s overarching investment strategy, which has totaled over $2 billion and more than 10 million square feet of purchased properties across the country. With a track record of successful investments, Benderson Development continues to identify lucrative opportunities that contribute to its growth and expansion.

    The transaction for Glengary Shoppes was facilitated by Brad Peterson and Whitaker Leonhardt of Colliers, who managed the multimillion-dollar deal on behalf of the property. Property records indicate that the transaction officially closed on January 5th.

    Benderson Development acquired the property from Jacksonville-based Glengary Shoppes LLC, a limited liability company registered under Dutch corporation DIM Vastgoed N.V. Interestingly, the Dutch corporation originally purchased the shopping center in 1997 for $13.8 million.

    Built between 1995 and 1996, Glengary Shoppes has stood the test of time as a prominent retail destination in the Sarasota area. With Benderson Development’s acquisition, the shopping center’s future looks even more promising, as the company’s expertise and vision are poised to breathe new life into this established retail space.

    In summary, Benderson Development’s recent $30.5 million purchase of Glengary Shoppes in Sarasota demonstrates the company’s commitment to expanding its real estate portfolio in the region. With a track record of successful investments and a strategic approach to property acquisition, Benderson Development continues to make significant contributions to the local commercial real estate landscape.

    FAQ:

    1. What is the recent news regarding Benderson Development?
    – Benderson Development purchased the Glengary Shoppes shopping center in Sarasota for $30.5 million.

    2. How big is the Glengary Shoppes shopping center?
    – The shopping center has 95,500 square feet of retail space.

    3. Who are the notable tenants in Glengary Shoppes?
    – Best Buy and Barnes & Noble are among the notable tenants occupying substantial portions of the center.

    4. How does this purchase fit into Benderson Development’s strategy?
    – This acquisition aligns with Benderson Development’s investment strategy, which has seen over $2 billion invested in properties across the country.

    5. Who facilitated the transaction for Glengary Shoppes?
    – Brad Peterson and Whitaker Leonhardt of Colliers managed the multimillion-dollar deal on behalf of the property.

    6. When did the transaction for Glengary Shoppes officially close?
    – The transaction officially closed on January 5th.

    7. Who did Benderson Development acquire the property from?
    – The property was acquired from Glengary Shoppes LLC, a limited liability company registered under Dutch corporation DIM Vastgoed N.V.

    8. When was Glengary Shoppes originally purchased by the Dutch corporation?
    – The Dutch corporation originally purchased the shopping center in 1997 for $13.8 million.

    Definitions:

    – Benderson Development: A national real estate company that recently purchased the Glengary Shoppes shopping center in Sarasota.

    – Glengary Shoppes: A shopping center in Sarasota with 95,500 square feet of retail space, recently acquired by Benderson Development.

    – Retail space: Space used for shops or stores that sell goods or services directly to the public.

    – Lease occupancy: The percentage of space within a commercial property that is currently leased.

    Related Links:
    Benderson Development Official Website