Benderson Development Co. buys Pelican Plaza, Southbay

BUYER: Pelsota LLC (principal: David Baldauf), University Park
SELLER: Ramco-Gershenson Properties LP
PROPERTY: 8310 S. Tamiami Trail, Sarasota
PRICE: $4 million
PREVIOUS PRICE: $7.1 million, July 1997

BUYER: Souprey LLC (principal: David Baldauf), University Park
SELLER: Ramco-Gershenson Properties LP
PROPERTY: 1200 and 1350 S. Tamiami Trail, Osprey
PRICE: $1.6 million
PREVIOUS PRICE: $5.95 million, May 1998

LAW FIRM ON DEED: Honigman Miller Schwartz and Cohn LLP, Bloomfield Hills, Mich.

PLANS, DESCRIPTION: Benderson Development Co. LLC acquired two large Sarasota County retail centers from Ramco-Gershenson Properties Trust for $5.6 million. The University Park-based retail giant purchased the 105,873-square-foot Pelican Plaza on South Tamiami Trail for $4 million and the 83,890-square-foot Southbay Shopping Center in Osprey for $1.6 million.

The price equated to $30 per square foot.

Both of the centers had significant vacancies.

Built in 1983, Pelican Plaza is anchored by LTM Party South, Beall's Outlet and SPH Marketing.

The 18-space Southbay Shopping Center was built in 1978. It features a 10,085-square-foot Tuesday Morning and a Trustco Bank outparcel.

Calls to Benderson Development for comment were not returned prior to deadline.

Benderson Development owns and manages more than 700 properties encompassing more than 40 million square feet in 38 states.