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Sarasota-Manatee
Business Observer Wednesday, Nov. 14, 2018 1 month ago

Shopping center sells for $7.35 million

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Sarasota attorney Evan Berlin and his revocable trust purchased the 72,795-square-foot property.

BRADENTON — The Fountains shopping center in Bradenton has sold for $7.35 million.

The center is at 4808 to 4848 14th St. W.

According to a press release, Sarasota attorney Evan Berlin and his revocable trust purchased the 72,795-square-foot property.

Nick DeVito II, partner at Ian Black Real Estate, represented the buyer. Steve Horn, also a partner at Ian Black Real Estate, represented the seller, RH Holdings Bradenton LLC.

“The property was incredibly attractive to buyers,” says DeVito in a statement. “It was fully leased at the time of purchase, and all tenants are businesses that will not be affected by the steady rise in online shopping. This offers the buyer steady long-term income with less risk than similar retail centers.”

Tenants at the shopping center include Crunch Fitness, Fuzzy’s Taco Shop, Good Liquid Brewing, Grand Buffet, MobileFix, All Greek, Livingston’s Billiards, Maru Tae Kwon Do and TrailWalker Gear Outfitters, according to a statement. Pizza Hut and Hooters are also in the center as free-standing buildings.

According to the release, the property was purchased in 2013 by RH Holdings Bradenton for $2.1 million. Since then, the group made capital improvements to the 31-year-old shopping center, including updates to the exterior façade, landscaping and irrigation, parking lot upgrades and signage updates. The sellers also replaced the roof on nearly 42,000 square feet of the plaza.

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