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Commercial Real Estate
Business Observer Friday, Mar. 8, 2019 2 months ago

Benderson sells center in rare move

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Illinois firm buys Peachland Promenade in Charlotte County
by: Kevin McQuaid Commercial Real Estate Editor

Speaking of rare…

Manatee County-based Benderson Development Co. is considered to be many things: A turnaround artist of distressed properties, a hard-charging developer that works relentlessly to wring value out of its developments, a prudent investor in land and a landlord that is often an early identifier of retail trends and hot merchants.

What it typically is not is a seller.

And yet, Benderson broke with its business model recently and disposed of the Peachland Promenade, in Port Charlotte, for $18.71 million, according to Charlotte County property records.

A Benderson affiliate and CEO Randall Benderson, along with others, sold the project at 23951 Peachland Blvd. to InvenTrust Property Corp., of Illinois.

Completed in 2012, Peachland Promenade is fully leased and adjacent to a Publix-anchored center.

In addition to the Port Charlotte property, InvenTrust along the Gulf Coast also owns the Sarasota Pavillion shopping center and the Gateway Market Center, in St. Petersburg.

In all, the company owns nine properties in Florida and 70 projects in 11 states, according to its website.

Neither Benderson nor InvenTrust officials returned telephone calls for comment on the transaction.

 

 

 

 

 

 

 

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