SARASOTA, Fla. (April 28, 2022) â€“ The Fountains shopping center, located at 4808-4848 14th Street W. in Bradenton, has sold for $9.5 million. Sarasota attorney Evan N. Berlin and his revocable trust had purchased the 72,795-square-foot property for $7.35 million in 2018 and worked with Ian Black Real Estate to secure long-term tenants before selling the property to an investor this month.
Nick DeVito, SIOR, and Brie Tulp, RPA, at Ian Black Real Estate, represented the seller. Yunfei Liu of Multi Choice Realty represented the buyer, a Seattle-based investor doing business as Fountains Plaza, LLC, a Florida Limited Liability Company.
Last year, the buyer acquired two retail properties in the Orlando market â€“ Parkwood Plaza Shopping Center and Kissimmee Korners Shopping Center. The West Coast investor is planning to relocate to Florida and is purchasing commercial properties to build his portfolio.
â€œThe buyer was looking to purchase a shopping center in the Southwest Florida market, and this was particularly desirable given its low vacancy rate, long-term tenants and great visibility on U.S. 41,â€ said DeVito, partner at Ian Black Real Estate. â€œThe proximity to retail at Cortez Road and Tamiami Trail also made this a desirable location.â€
DeVito also pointed to the recent influx of wealth in Sarasota and Manatee counties as a factor driving investor interest in the area. Retail center capitalization rates are currently at the lowest point theyâ€™ve been in decades, with interest rates following.
â€œInventory is down, prices are up and interest rates have been at an all-time low,â€ said DeVito. â€œOutside investors are scooping up properties in the area and paying competitive prices for properties. Itâ€™s created a highly competitive market, with no signs of things slowing down.â€
Ian Black Real Estate received multiple offers on the shopping center and, ultimately, chose the most competitive offer. Prior to putting the property on the market, the team worked with the seller to secure long-term tenants, replacing tenants that had closed during the COVID-19 pandemic.
Current tenants include Crunch Fitness, Food + Beer, Good Liquid Brewing Co., Armed Forces Career Center and Grand Buffet. The Fountainsâ€™ occupancy rate was more than 95% at the time of sale.
â€œThis center has a great mix of national and local tenants, making it a desirable location for local residents,â€ said Tulp, sales associate at Ian Black Real Estate. â€œThe property will be a great long-term investment for the buyer as he settles into his new life in Florida.â€
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.
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 industryâ€™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.