Wal-Mart buys portion of Centre at University

Wal-Mart buys portion of Centre at University

BUYER: Wal-Mart Stores East LP, Bentonville, Ark.

SELLER: University Parkway Associates Ltd.

PROPERTY: 8384, 8466, 8424, 8482, 8478, 8474, 8462, 8458, 8454, 8450, 8440, 8436, 8432, 8428, 8420, 8416, 8412, 8408, 8404, 8400, 8396, 8392, 8388 and 8470 Lockwood Ridge Road, Sarasota

PRICE: $7.5 million

PREVIOUS PRICE: $9.65 million, February 1993

LAW FIRM ON DEED: GrayRobinson PA, Tampa

PLANS, DESCRIPTION: Wal-Mart Stores Inc. purchased a three-acre piece of The Centre at University Parkway, a 128,708-square-foot neighborhood shopping center at the northwest corner of University Parkway and Lockwood Ridge Road, for $7.5 million.

The purchase price equated to $2.5 million per acre. The property is just west of Wal-Mart's existing store.

Wal-Mart plans to use the additional property to grow its store from 132,000 to 155,000 square feet, according to Michelle Belaire, Wal-Mart senior manager for public affairs and government relations.

“Our intent is to expand the grocery mix there,” Belaire says. “We are planning to go out to bid in the next few months on the contract.”

Completion is expected by summer or fall of 2011. It is not known if Wal-Mart will retain the structures of the existing retail buildings as part of the expansion.