Institutional Property Advisors Brokers Grocery-Anchored Shopping Center Sale in Southwest Florida
April 26, 2023
BRADENTON, Fla., April 26, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Southwood Shops, a 107,697-square-foot Winn-Dixie-anchored shopping center in Bradenton, Florida. The asset traded for $12.1 million.
“Currently 100% occupied, Southwood Shops has been anchored by a successful grocery store for more than 40 years,” said Kirk D. Olson, IPA senior director. Olson, and IPA’s Drew A. Kristol represented the seller, Bradwood Shopping Center Company LTD, and procured the buyer, Southwood Shops LLC, a Miami-based partnership between Heritage Square Pompano Beach LLC and Lake Hills Plaza LLC.
Built in 1981 on 15 acres, the shopping center is located at the intersection of 14th St. and 57th Ave., which has an average daily traffic count of 54,000 vehicles. A nearby First Horizon Bank, Truist Bank and Chevron gas station drive additional traffic to the center. State College of Florida Bradenton, with an enrollment of over 11,000 students, is one mile away.
“Currently 100% occupied, Southwood Shops has been anchored by a successful grocery store for more than 40 years,” said Kirk D. Olson, IPA senior director. Olson, and IPA’s Drew A. Kristol represented the seller, Bradwood Shopping Center Company LTD, and procured the buyer, Southwood Shops LLC, a Miami-based partnership between Heritage Square Pompano Beach LLC and Lake Hills Plaza LLC.
Built in 1981 on 15 acres, the shopping center is located at the intersection of 14th St. and 57th Ave., which has an average daily traffic count of 54,000 vehicles. A nearby First Horizon Bank, Truist Bank and Chevron gas station drive additional traffic to the center. State College of Florida Bradenton, with an enrollment of over 11,000 students, is one mile away.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.