SARASOTA, Fla. (September 5, 2018) – Egg Rock, LLC has purchased Ridgewood Plaza, a 42,000-square-foot shopping center located at 7016 US 301 N. in Ellenton, Fla., for $5,925,000. The sellers, RH Property Holdings, purchased the property two years ago for $3.85 million.
Steve Horn, CCIM, of Ian Black Real Estate, represented the seller, and Melissa Harris, also of Ian Black Real Estate, represented the buyer. The buyer is a local investor looking for stable commercial real estate investments.
“Over the last two years, the sellers have created value by securing leases for the few vacancies in the center and extending the leases of long-term tenants,” said Horn, partner at Ian Black Real Estate. “Traffic to the area has also increased as the immediate area continues to explode. All of this combined created a great opportunity for the owners to sell the property and cash in on their investment.”
The property was fully occupied at the time of sale. Tenants include Ace Hardware, Dollar General, Quest Diagnostics and Ellenton Cafe Family Restaurant, some of which have been in business at this location for more than 15 years.
“Small-shop retail spaces in growing markets, like this one, are in high demand in our area,” said Harris, sales associate at Ian Black Real Estate. “This property was a great fit for the buyer given the strength of the center and the number of long-term leases currently in place and will provide a strong return on their investment starting on day one.”
Ridgewood Plaza is located approximately 1.5 miles from Interstate 75 and less than a mile from the Ellenton Premium Outlets, which welcomes over four million visitors annually.
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.