SARASOTA, Fla. (April 28, 2022) – The Fountains purchasing middle, positioned at 4808-4848 14th Road W. in Bradenton, has offered for $9.5 million. Sarasota lawyer Evan N. Berlin and his revocable belief had bought the 72,795-square-foot property for $7.35 million in 2018 and labored with Ian Black Actual Property to safe long-term tenants earlier than promoting the property to an investor this month.
Nick DeVito, SIOR, and Brie Tulp, RPA, at Ian Black Actual Property, represented the vendor. Yunfei Liu of Multi Alternative Realty represented the client, a Seattle-based investor doing enterprise as Fountains Plaza, LLC, a Florida Restricted Legal responsibility Firm.
Final yr, the client acquired two retail properties within the Orlando market – Parkwood Plaza Buying Heart and Kissimmee Korners Buying Heart. The West Coast investor is planning to relocate to Florida and is buying industrial properties to construct his portfolio.
“The customer was trying to buy a shopping mall within the Southwest Florida market, and this was significantly fascinating given its low emptiness fee, long-term tenants and nice visibility on U.S. 41,” stated DeVito, associate at Ian Black Actual Property. “The proximity to retail at Cortez Street and Tamiami Path additionally made this a fascinating location.”
DeVito additionally pointed to the latest inflow of wealth in Sarasota and Manatee counties as an element driving investor curiosity within the space. Retail middle capitalization charges are at the moment on the lowest level they’ve been in a long time, with rates of interest following.
“Stock is down, costs are up and rates of interest have been at an all-time low,” stated DeVito. “Outdoors buyers are scooping up properties within the space and paying aggressive costs for properties. It’s created a extremely aggressive market, with no indicators of issues slowing down.”
Ian Black Actual Property obtained a number of provides on the purchasing middle and, in the end, selected probably the most aggressive provide. Previous to placing the property in the marketplace, the staff labored with the vendor to safe long-term tenants, changing tenants that had closed throughout the COVID-19 pandemic.
Present tenants embody Crunch Health, Meals + Beer, Good Liquid Brewing Co., Armed Forces Profession Heart and Grand Buffet. The Fountains’ occupancy fee was greater than 95% on the time of sale.
“This middle has an incredible mixture of nationwide and native tenants, making it a fascinating location for native residents,” stated Tulp, gross sales affiliate at Ian Black Actual Property. “The property can be an incredible long-term funding for the client as he settles into his new life in Florida.”
About Ian Black Actual Property
Ian Black Actual Property (IBRE) is a boutique industrial actual property brokerage agency positioned in Sarasota, Fla. The agency is likely one of the largest industrial brokerage companies in Southwest Florida and boasts a deep information of the industrial actual property market in Sarasota and Manatee counties and the encompassing space. For extra info, go to ian-black.com.
SIOR is the main international skilled workplace and industrial actual property group that certifies industrial actual property service suppliers with the unique SIOR designation, based mostly on achievement, information, accountability and moral requirements. Solely the business’s high professionals qualify for SIOR. At the moment, there are greater than 3,200 members in 685 cities and 36 international locations. For extra info, go to www.sior.com.