Colliers has brokered the sale of three retail properties in Sarasota, Florida for a cumulative $25.9 million.
The biggest chunk comes from buyer The Wilder Companies (TWC), which purchased Shoppes at Palmer Ranch for $20.4 million. The 65,417-square-foot shopping mall is headlined by a recently built Publix, which features a drive-thru pharmacy and a liquor shop.
As of the time of the sale, the asset was fully occupied. Also, 32,000 residents, with median household incomes over $147,000, live just within a few miles of Palmer Ranch.
Colliers not only represented TWC but seller WMG Development on the deal too. Colliers secured the financing from a life insurance lender.
“Shoppes of Palmer Ranch is the definition of ‘best-in-class’ – from the tremendous infill location, surrounded by affluent residents, to the light color scheme and brick façade, raised architectural features, and lush tropical landscaping – the curb appeal of the property and attention to detail is unparalleled,” Brad Peterson of Colliers said in a statement.
“WMG Development delivered a great property to the market and The Wilder Companies will be able to capitalize on the strength of the asset and trade area for years to come. Shoppes at Palmer Ranch represents our team’s fifth Publix-anchored shopping center sale of the year.”
The other two sales, also made by WMG on the representation of CBRE, are related to Circle K and Fifth Third Bank outparcels. They were purchased for $3.35 million and $2.14 million, respectively, from two unnamed 1031 buyers.
According to Colliers, Sarasota last year ranked as the fifth best place to live in the U.S. and the second fastest-growing area in the nation.
TWC operates 40-plus properties in 10 states, spanning more than seven million square feet.