BUYER: Inland Diversified Bradenton Centre Point LLC,
SELLER: Centre Point Commons LLC
PROPERTY: 3940 W. 14th St., Bradenton
PRICE: $25.63 million
PREVIOUS PRICE: $675,000, March 1999
PLANS, DESCRIPTION: Inland Real Estate Diversified Trust Inc. purchased the 119,000-square-foot Centre Point Commons retail power center in central Bradenton for $25.63 million.
The price equated to $215 per square foot.
Located at the northwest corner of U.S. 41 and Cortez Road, the largest portion of the center is an anchor strip with Best Buy, Dick's Sporting Goods, OfficeMax and a row of smaller tenants including Panera Bread and Chipotle Mexican Grill. The sale also included a number of outparcels, including one housing Grow Financial and The Vitamin Shoppe. However, the transaction did not include a large Lowe's Home Improvement Warehouse that is independently owned.
The property had a single 1,400-square-foot vacancy at the time of the sale.
“It's in a great location in a highly traveled area,” says Mark Cosenza, vice president of Inland Real Estate Acquisition Inc., which handled the transaction for the trust. “It is surrounded by more than 110,000 people in a three mile radius.”
The center was purchased as an investment.
Inland Diversified is a public, non-listed real estate investment trust that focuses on buying and developing commercial real estate in the United States and Canada.