Benderson Development Acquires Burlington-Anchored Bee Ridge Square Shopping Center In Sarasota For $14.4M
3156 Bee Ridge Rd Sarasota, FL 34239, USA
$14,400,000
$112/SF
Building Size
128,399 SF
Asset Type
Retail
Closing
Apr 28, 2023
About this deal
AI
Benderson Development, a retail real estate company based in East Manatee County, has purchased the Burlington-anchored Bee Ridge Square shopping center in Sarasota for $14.4 million. The 128,399-square-foot center is located near the intersection of Bee Ridge and Cattlemen roads and is home to 15 businesses and restaurants. This acquisition is part of Benderson's ongoing expansion, adding to their portfolio of over 800 properties across 40 states.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $14,400,000
- Square Footage: 128,399
- Price per Square Foot: $112
- Address: 3156-3166 Bee Ridge Road, Sarasota
- Market: Sarasota
Justin Smith, Chris Peterson, Fred Victor, and Sam Koonce of Atlantic Capital Partners represented Benderson Development in the transaction as their brokers. The seller, Burlington Coat Factory Warehouse Corp., was represented by their own representative.
On the Map
$14,400,000
$112/SF
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.10%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93