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A shopping center that is a little more than a year old in south Sarasota County has been listed for sale.
The Shoppes at Palmer Ranch, which opened in April 2023 at 8405 Honore Ave., is on the market, according to Colliers, which is the listing agent. It is 100% occupied.
Located off Honore Avenue at Central Sarasota Parkway, the 65,417-square-foot shopping center is anchored by Publix. It also includes Publix Liquors, Dental Care at Palmer Ranch, Sherwin-Williams, Wellness Animal Hospital, Ann Volcano Nail Lounge and Fuji Sushi Steakhouse.
Two freestanding ground-leased parcels with long-term leases — Circle K and Fifth Third Bank — can be purchased individually or separate from the shopping center, according to a statement from Colliers.
WMG Development is the seller of The Shoppes at Palmer Ranch. A listing price was not immediately available.
The listing of the shopping center for sale is a sign of investor confidence, according to Colliers officials.
“Our team has seen more similar grocery-anchored properties come to market in the last 30 days than the last 18 months,” Colliers Vice Chair Brad Peterson says in a statement. “Investors are seeing more stability in the market and are demonstrating more confidence in making acquisitions, especially on high-quality investments anchored by Publix Supermarkets.”
The Publix in the Shoppes at Palmer Ranch is 48,387 square feet, and the adjacent Publix Liquors is 1,400 square feet.
“Grocery-anchored property investments, in general, are still the most attractive in terms of retail pricing,” Colliers Senior Vice President Whitaker Leonhardt says in a statement. “The Palmer Ranch submarket in Sarasota is a very high-income demographic area. National investors want to own properties there.”
Within 3 miles of the property, there are more than 30,000 residents, earning average household incomes above $147,000, according to Colliers, which says that is expected to grow to nearly $170,000 by 2028.
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