Benderson Development spends $140M on acquisitions in September

For the third time this month, Benderson Development has made a sizable acquisition, that of a shopping center in Miami. Purchasing the property is part of an "aggressive growth strategy in key markets," the east Manatee County-based real estate company says in a Sept. 27 statement.

Its latest acquisition, The Shops at Midtown Miami at 3401 North Miami Ave, attracts more than 3.4 million annual visitors to its lineup of retailers including Target, Dick’s Sporting Goods, Marshalls, HomeGoods and Ross, according to a statement from Benderson Development. The shopping center spans 347,700 square feet on more than 18 acres.

“The Shops at Midtown Miami is a premier retail center in a prime location and we are committed to maintaining it as a vibrant, thriving shopping destination,” Randy Benderson, managing director of Benderson Development, says in the statement. "We continuously seek out exceptional assets to enhance our portfolio, and this acquisition perfectly aligns with our vision."

While a purchase price was not disclosed, the real estate company reports its acquisitions in September alone have added up to more than $140 million.

Benderson's September acquisitions include these two Florida properties in addition to The Shops at Midtown Miami:

• Cypress Trace, a 280,000-square-foot Fort Myers grocery-anchored shopping center, for which it paid $40.35 million, Lee County records show.
• Park Plaza, a 25,000-square-foot mixed-use property on Park Avenue in Winter Park. A purchase price was not disclosed.
  Benderson, based in University Park, has a portfolio of more than 1,000 properties in 40 states totaling more than 55 million square feet.

Prior to September, Benderson bought multiple properties, mostly in Florida, this year: North River Marketplace in Venice, a 51-acre mixed-use development site; Glengary Shoppes in Sarasota, anchored by Barnes & Noble and Best Buy; Carrillon Place in Naples, an open-air shopping center with TJ Maxx and Walmart; Monarch Ranch, a Sumter County 3,400-acre industrial development site; and a freestanding Walgreens in Missoula, Montana.

Deputy Managing Editor Louis Llovio contributed to this report.