Benderson Buys Sarasota Retail Asset

Bee Ridge Square. Image courtesy of Benderson Development

Benderson Development has acquired Bee Ridge Square, a 128,399-square-foot retail center in Sarasota, Fla. Burlington Coat Factory Warehouse Corp. sold the asset for $14.4 million, according to Business Observer. Atlantic Capital Partners’ Justin Smith, Chris Peterson, Fred Victor and Sam Koonce represented the seller and procured the buyer.

Earlier this year, Benderson Development also acquired a grocery-anchored, 54,226-square-foot retail asset in Cambridge, Mass. The property encompasses a two-story, 40,800-square-foot Whole Foods Market and an adjacent 13,426-square-foot Walgreens store.

A Sarasota retail center

Located on roughly 12 acres at 3941 Cattlemen Road, the shopping center came online in 1982, CommercialEdge data reveals. A Burlington store, which has been operating at the property since 2003, anchors Bee Ridge Square. The tenant roster also includes Stage Door Studios, ofKors Bakery and EGGSTraordinary Café, among others.

Bee Ridge Square is in a highly trafficked area just west of Interstate 75. Downtown Sarasota is some 8 miles northwest.

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Despite an overall decrease in year-over-year retail sales growth in the first quarter of this year, certain categories such as department stores, miscellaneous retail and electronics stores showed still piqued investors’ interest, a recent CBRE report shows.

In the first quarter, the national average retail availability dropped to 4.8 percent, marking a 50 basis point decrease from the previous year. The value represents the lowest level since CBRE began monitoring the market in 2005.