SARASOTA, Fla. (Nov. 13, 2018) – The Fountains shopping center, located at 4808-4848 14th Street W. in Bradenton, has sold for $7.35 million. Sarasota attorney Evan N. Berlin and his revocable trust purchased the 72,795-square-foot property.
Nick DeVito II, SIOR, partner at Ian Black Real Estate, represented the buyer. Steve Horn, CCIM, also a partner at Ian Black Real Estate, represented the seller, RH Holdings Bradenton, LLC.
“The property was incredibly attractive to buyers,” said DeVito. “It was fully leased at the time of purchase, and all tenants are businesses that will not be affected by the steady rise in online shopping. This offers the buyer steady long-term income with less risk than similar retail centers.”
Tenants include Crunch Fitness, Fuzzy’s Taco Shop, Good Liquid Brewing, Grand Buffet, MobileFix, All Greek, Livingston’s Billiards, Maru Tae Kwon Do and TrailWalker Gear Outfitters. Pizza Hut and Hooters are also located within the center as free-standing buildings.
The property was purchased by RH Holdings Bradenton, LLC in 2013 for $2.1 million. Since that time, the holdings group made extensive capital improvements to the 31-year-old shopping center, including updates to the exterior façade, landscaping and irrigation, parking lot upgrades and updates to the signage. The sellers also replaced the roof on nearly 42,000 square feet of the plaza.
“Over the last several years, the sellers worked hard to renovate the center and create an attractive space for tenants,” said Horn. “The improvements, coupled with the high occupancy rate, created an attractive opportunity for potential buyers.”
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.
About SIOR
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com.