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The Centre Shops at Longboat Key has been sold for $7.45 million to a Georgia investor.
The 37,880-square-foot, five-building shopping center at 5370 Gulf of Mexico Drive was bought by an LLC with an address in an Atlanta suburb.
Marcus & Millichap, the commercial real estate firm that listed the center, announced the sale.
According to the listing, The Centre Shops 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.
It has new roofs, a revamped parking lot and upgraded lighting, the listing states. It’s also has deeded beach access.
At 4.7 acres, Marcus & Millichap says the center was one of the largest parcels currently for sale on the barrier island.
The center was previously owned by an LLC named FH Centre Shoppes, according to Manatee County property records. 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.
The property in the recent sale was originally listed for $7.59 million.
James Medefind, a senior vice president of investments at Marcus & Millichap, says in a news release announcing the sale that the firm “received significant interest in the asset despite many of the headwinds in the market right now.”
“This sale exemplifies that attractive pricing is still available for sellers who own properties with strong real estate fundamentals,” he says.
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