CORE Buys South Florida Retail Asset

An affiliate of CORE Investment Management has acquired a 260,000-square-foot shopping center in Bradenton, Fla., which is part of the Sarasota/Bradenton submarket of Florida.

Yardi Research Data lists Hackney Real Estate Partners as the previous owner of the property, which is called Cortez Plaza. The purchase price of the asset was not disclosed.

Michael Lapointe, managing principal at the Miami-based firm, told Commercial Property Executive that CORE plans to bring cosmetic enhancements, along with updated landscaping and lighting, to the retail asset, with the goal of attracting new tenants to fill current vacancies.

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LA Fitness and Sprouts Farmers Market serve as anchor tenants for Cortez Plaza. Other notable tenants include PetSmart, Burlington and FedEx. The site currently has a vacant 41,278-square-foot retail unit available for lease. Cortez Plaza also includes dining options such as Chick-fil-A, Mission BBQ and Starbucks.

Located at the intersection of US Route 41 and Cortez Boulevard, the shopping center is situated among several other strip malls, including Cortez Plaza East, a 173,508-square-foot asset owned by Red Mountain Group. That shopping center’s anchor tenants include Michaels, Five Below and Dollar Tree.

Retail sites changing hands across South Florida

Several South Florida shopping centers have undergone acquisitions in recent months. In August, CORE sold a 186,095-square-foot asset in Miami Gardens called Palmetto Plaza. The firm now owns 20 retail centers across the state.

In May, 4Y Plaza LLC bought The Shoppes at the Heart of Tradition, another grocery-anchored shopping center, from PEBB Enterprises and Banyan Development. That transaction fetched $32 million.

The same month, EDENS acquired Weston Road Shopping Center, a 108-623-square-foot open-air mall in Davie, Fla. Previous owner Barings sold the asset for $51.3 million.