Benderson Development Co. LLC buys Dillard's in Southgate Mall

BUYER: Siesta Retail LLC, University Park

SELLER: Dillard's Inc.
PROPERTY: 3501 S. Tamiami Trail, Sarasota
PRICE: $10 million
PREVIOUS PRICE: $1.95 million, October 1992

PLANS, DESCRIPTION:
University Park-based Benderson Development Co. LLC purchased the 96,312-square-foot Dillard's department store at Southgate Mall for $10 million.

The price equated to $103 per square foot. That figure is lower than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

The store was built in 1992.

Benderson's director of development, Todd Mathes, says the company is waiting to see Southgate's redevelopment plans before deciding what to do with the 7.5-acre parcel.

“We're pretty excited about the opportunity and to co-redevelop the property,” Mathes says. “As soon as [the mall is ready with its plan], we'll be ready to react.”

The store could be leased to a single tenant or subdivided, he says.

The prolific developer, which is part of the team behind The Mall at University Town Center, also purchased office space near Pelican Plaza, which it is also currently redeveloping.

Dillard's recently opened a new two-level 180,000-square-foot store in The Mall at University Town Center.

— additional reporting by Pam Eubanks, correspondent