Previously a medical office center, the property will be upgraded to Class-A retail
SARASOTA, Fla. (Sept. 12, 2016) – Cortez/34th Street, LLLP, a local investment group, has purchased a 61,763-square-foot shopping center located at 3501 Cortez Road in Bradenton for $5,593,000. The center, which was previously a medical office plaza, will be upgraded to a Class-A retail center. Goodwill will be the anchor tenant.
Steve Horn, CCIM, and Ian Black, CCIM, of Ian Black Real Estate handled the transaction. The seller was Bay Area Medical Plaza, LLC. Prior to the sale, Bay Area Medical Plaza was looking to lease a vacant 50,000-square-foot space previously occupied by HCA Healthcare. The property was not listed for sale.
“The seller engaged our team to lease the space that HCA vacated,” said Horn, partner at Ian Black Real Estate. “At the same time, we were working with Goodwill to find a new location in this area. This deal ended up working out for both parties. The seller was able to move on from this asset, and Goodwill is in a location that reaches both its customers and donors.”
To convert the property into a Class-A retail center, the buyer will complete extensive renovations, including a complete overhaul of the interior space, as well as updates to the exterior façade and parking lot. Medical retail tenants DaVita and Alignment Healthcare will remain in the shopping center, while an additional 13,350-square-feet of retail space and 2,059-square-feet of office space is currently available for pre-lease.
“In Sarasota and Manatee counties, we are seeing a lot of older shopping centers being converted into Class-A space,” said Black, partner at Ian Black Real Estate. “This is a unique property because it started out as retail and was converted into medical office. Now, 15 years later the buyers are converting it back to its original use.”
The expected completion date for the renovation is March 2017.
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.