North Port shopping center sells for $10.82M

A fully occupied shopping center off U.S. 41 in North Port has changed hands. A Seattle investor purchased North Port Village for $10.82 million, according to commercial real estate brokerage Marcus & Millichap, which represented the buyer and seller.

A South Florida real estate investment firm is the seller of the property at 14255 S. Tamiami Trail, according to a statement. Sarasota County property records show the owner of the shopping center is a Hallandale Beach entity with an address that corresponds to Isram Realty Group, a southeastern Florida company with retail centers and multifamily communities in its portfolio. The firm purchased North Port Village in 1997 for $2.35 million, according to Sarasota County property records.

Property records haven't been updated to reflect the sale, and Marcus & Millichap didn't provide any other info on the buyer. 

In the past couple of years, the owner, meanwhile, has invested millions of dollars into making capital improvements to the 66,083-square-foot retail center, according to the statement.

“The sellers of North Port Village recently completed a $3 million renovation of the property, which included new roofs and façade upgrades,” Drew Kristol, senior managing director in Marcus & Millichap’s Miami office, says in a statement. 

Along with the updates, the shopping center gained tenants.

“New anchor tenants — Planet Fitness and Do The Beach indoor children’s facility — recently opened, bringing the current occupancy to 100%," Kristol says.

Do the Beach Adventure Park opened in September at the shopping center in a former Winn-Dixie space, while Planet Fitness welcomed patrons in the spring. Other businesses at the 12-tenant property include Humana and Napa Auto Parts as well as other national, regional and local tenants.

North Port Village is on 7.88 acres at the corner of South Tamiami Trail and North Port Boulevard, an intersection that sees more than 42,000 vehicles pass by each day, according to the statement.

Marcus & Millichap Senior Managing Director Kirk Olson and Kristol represented the seller, according to a statement, which says agents from Marcus & Millichap’s Seattle office — Clayton Brown, Luke Holsinger and Ruthanne Loar — procured the buyer.