Tampa, FL – October 6, 2015 – CBRE arranged the sale and financing of two retail centers with prime Bradenton, Florida, locations in Lakewood Ranch, one of the fastest growing master-planned communities in the country. The 12,569-square-foot Shoppes at Summerfield and the 11,000-square-foot Shoppes at Market Square were acquired from Win IV, LTD, a subsidiary of Paradise Ventures, by B & L Investments for $5,809,000. CBRE arranged financing on behalf of the buyer with Genworth Life Insurance Company.
“These high-quality retail centers were sold by the original developer to a private group that was attracted to the investment opportunity because of the quality of the centers and their tenants, their prime locations, and the strong demographics of Lakewood Ranch,” said CBRE’s Mark Shellabarger, Senior Vice President, Capital Markets, Investment Properties. “Both centers feature a stable mix of national and local tenants and are located across from high-performing Publix-anchored shopping centers.”
Located at the southeast quadrant of State Road 70 and Lakewood Ranch Boulevard at 11513-11531 Palmbrush Trail, Shoppes of Summerfield is 100% leased to six tenants including AAA Auto Club, Subway, The UPS Store, and Supercuts. Situated in the Market Square commercial district of Lakewood Ranch at 8317-8343 Market Street, Shoppes at Market Square is 100% leased to seven tenants that include Pizza Hut, Berkshire Hathaway Home Services, and Get Fit Fuel.
CBRE’s Don Jennewein collaborated with Mr. Shellabarger in representing the seller. Mr. Jennewein arranged the financing for the buyer.
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 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.