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North American Development Group purchases Venice's Jacaranda Commons

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  • | 1:37 a.m. July 2, 2011
  • Manatee-Sarasota
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BUYER: SF Jacaranda Commons LP (principals: John and Jeffrey Preston and Robert Green), Markham, Ontario, Canada

SELLER: Jacaranda Commons LLC

PROPERTY: 2390, 2321 and 2265 E. Venice Ave. and 351 Jacaranda Blvd., Venice

PRICE: $15.93 million

PREVIOUS PRICE: $925,000, December 2004; $200,000, December 2005; and $4.53 million, December 2003

LAW FIRM ON DEED: Greenberg Traurig PA, Fort Lauderdale

PLANS, DESCRIPTION: Canadian real estate firm North American Development Group purchased the 94,700-square-foot Jacaranda Commons shopping center for $15.93 million.

The price equated to $168 per square foot.

The sale included the main retail strip center-anchored Publix and eight of the center's nine outparcels, including a CVS/pharmacy store.

North American Development Group declined to comment on the acquisition.

Founded in 1977, North American Development Group now owns more than 11.5 million square feet of shopping center space in the U.S. and Canada, and it manages several millions more for others. It also owns another 1,400 acres of land for future development.

The purchase entity SF Jacaranda Commons LP mortgaged the property to PNC Bank NA for $11.75 million.


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