Tampa, FL – May 15, 2014 – CBRE arranged the sale of North Port Commons, a 42,497-square-foot retail center located at 14800 North Tamiami Trail in North Port, Sarasota County, Florida. Om Ventures of Tampa, Florida, acquired the property from Saber-North Port LLC for $5.3 million. Mark Shellabarger with CBRE Investment Properties represented the seller and Allen Henderson with CBRE Debt & Structured Finance arranged financing for the buyer. Ron Struthers and Howard Corr with Coldwell Banker Commercial NRT handled leasing and management for the seller and assisted with the sale.
“The buyer was attracted to North Port Commons because of the quality of the location, the tenants, and the building,” said CBRE’s Mark Shellabarger. “It serves a unique niche in North Port, a growing city south of Sarasota, by providing a high quality product at a good value to a diverse mix of national, regional, and local tenants, especially several medical-related companies.”
North Port Commons was built in 2006 along North Port’s “Miracle Mile” retail corridor on U.S. Highway 41, also known as the Tamiami Trail, and includes one- and two-story retail buildings. It features such tenants as Quest Diagnostics, LabCorp, Fantastic Sam’s, RE/Max Anchor Realty and Center for Sight, and it is currently 86% leased.
Saber-North Port LLC is entity of Saber Real Estate Advisors, a private investment and development group out of South Florida and New York. Om Ventures is a private investment group based in Tampa.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.