|Bradenton, FL – November 20, 2012 – CBRE announced today the sale of the DeSoto Square Mall, a 678,377-square-foot enclosed regional mall located on U.S. Highway 41 and Cortez Road in Bradenton, Florida. The property was acquired by an affiliate of New York-based Mason Asset Management, Inc., from a wholly owned subsidiary of Simon Property Group, Inc. CBRE’s team provided exclusive representation to the seller in the transaction and included Peter Stevens from the Wayne, PA office and Dave Conn from the Tampa, FL office together with Casey Rosen and Nik Kozy from CBRE’s Miami-based National Retail Investment Group Team for Florida.
The DeSoto Square Mall opened in 1973 and was renovated in 1996. The mall is anchored by Macy’s and JCPenney and has a vacant former Dillard’s box. Sears also operates at the property but is separately owned and was not included in the transaction. The DeSoto Square Mall and surrounding shopping centers form a regional retail concentration generally situated along U.S. Highway 41 and Cortez Road serving Bradenton and the wider Manatee County area.
“The buyer was interested in high quality in-fill real estate and a property with the potential for value creation. They are planning to make improvements to the mall and add value through leasing vacancy,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “This transaction was a win for both parties,” Rosen continued. “For Simon the sale fits into their strategic asset disposition program.”
The CBRE National Retail Investment Group is a team of senior capital markets professionals that specialize in the sale, debt and equity finance, and recapitalization of retail properties throughout the United States. In Florida, the NRIG team is based in Miami and includes Senior Vice Presidents, Casey Rosen and Dennis Carson and First Vice President Nikolas Kozy.
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