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A shopping center sitting on nearly 5 acres of prime Longboat Key real estate has hit the market.
The property is the site of the Centre Shops of Longboat Key at 5730 Gulf of Mexico Drive. The asking price for the five-building, 37,880-square-foot shopping center is $7.59 million.
According to the listing, the center was first built in 1986 and then renovated in 2015. It is currently 95% occupied with 60% of the tenants in place for more than seven years.
Marcus & Millichap, the commercial real estate firm charged with selling the center, says in the listing that the Centre Shops has new roofs, a revamped parking lot and upgraded lighting. It’s also has deeded beach access.
According to Manatee County property records, the center is owned by an LLC named FH Centre Shoppes. The address for the LLC, according to the state’s Division of Corporations' database, matches that of Sarasota real estate investment firm Baldwin-Howell Properties. Eric Howell, who is a partner at the firm according to its website, is listed as the manager of FH Centre Shoppes in the state’s database.
FH Centre Shoppes paid $2 million for the center in 2014 according to the county.
At 4.7 acres, Marcus & Millichap says the center is one of the largest parcels of land currently for sale on the barrier island. But at $200 per square foot, it is “significantly below its replacement cost, promising immediate value.”
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