Grocery-Anchored Retail Asset Trades South of Tampa
A Winn-Dixie store anchors the 107,697-square-foot property.
Southwood Shops. Image courtesy of Marcus & Millichap
Southern Management & Development has sold Southwood Shops, a 107,697-square-foot grocery-anchored retail center in Bradenton, Fla. Institutional Property Advisors, a division of Marcus & Millichap, brokered the $12.1 million transaction.
The brokerage firm also procured the buyer, Manage Solutions. According to CommercialEdge, the property last changed hands 27 years ago.
READ ALSO: Retail Net Lease Cap Rates Reach Highest Level Since 2020
Anchored by a Winn-Dixie store, which has been operating at the property for more than 40 years, the shopping center is currently fully leased. Premier Nursing Academy, Ideal Barber Supply, Unique Market Place and Value Furniture are also part of the tenant roster.
Built in 1981 on a 5-acre site, Southwood Shops is located at 5838 14th St. W., at the intersection of 14th Street and 57th Avenue, being exposed to a daily traffic of 54,000 vehicles. The presence of First Horizon Bank, Truist Bank and a Chevron gas station in the vicinity attracts more traffic to the property, according to IPA.
You must be logged in to post a comment.