Benderson spends $70M on acquisitions in Sarasota, Sumter counties

Benderson Development, the east Manatee County real estate investor and property owner, is kicking off the year with two major purchases: a Sarasota shopping center and an industrial site in Wildwood.

The two buys continue the buying spree the company has been on for the past several months that’s grown its portfolio with more than $2 billion and 10 million square feet of acquisitions. That includes the purchase of an 85,000-square-foot retail center in Delray Beach named Linton Commons and a Publix Super Market in Pompano Beach late last year.

Today, Benderson, which was founded in 1949, has a portfolio that includes 800 properties in 41 state and totals 54 million square feet.

The Sarasota shopping is the 95,489-square-foot Glengary Shoppes at 4020 S. Tamiami Trail. The retail center has a national tenant mix that includes Best Buy and Barnes & Noble. It is currently 97% occupied.

Benderson also owns several properties nearby: Crossings at Siesta Key, the former Westfield Siesta Key; The Landings, Publix-anchored shopping center; and Promenade Siesta Key, a mixed-use development set to break ground.

It did not disclose the purchase price, and property records have not been updated. But Colliers, which represented the seller, Regency Centers, in the sale, says in a news release that the sale price for the 10.5-acre property was $30.5 million.

Image courtesy of Avison Young

Benderson also just closed on the purchase of Monarch Ranch, a 3,400-acre industrial development site in Sumter County.

According to Avison Young’s Florida Capital Markets Group, the property sold for $40 million in a court-ordered sale. Benderson, according to a news release from Avison Young, bought the property in partnership with The Villages.

According to the firm, the property is “at the convergence point of Interstate 75 and Florida’s Turnpike” making it the ideal site for a distribution center. But the Monarch Ranch property will continue to be used for agriculture until possible large-scale industrial development plans are in place.

Avison was appointed to sell the property on behalf of the seller.