July 4, 2022

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Sarasota Mall Purchased By Developer And Landlord From Manatee County For $25.1 Million!!

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Manatee County Developer And Landlord Buy Sarasota Mall For $25.1M!!

It can be found in the eastern part of Manatee County. Benderson Development, which is responsible for constructing the University Town Center Mall in North Sarasota County, has paid $25.1 million to purchase Crossings at Siesta Key. 

Sarasota Mall Purchased By Developer And Landlord

At the crossroads of Bee Ridge Road and 3501 S. Tamiami Trail is where you will find it. “The mall complements our local properties,” adds Shaun Benderson, who serves as the business vice president, in a statement. The acquisition is the most recent development at a shopping center that has undergone several rebranding efforts.

Sarasota Mall Purchased By Developer And Landlord

The previous owner was Unibail-Rodamco-Westfield. As a result of the pandemic that struck in 2009, URW’s rental income fell by 29 percent, and the company was forced to sell Sarasota Square and other malls across the Gulf Coast and the United States. The company began selling its properties in the United States last year. Sarasota Square is located just 7 miles south of the Crossings.

In the company’s financial records for 2020, the Crossings at Siesta Key development was categorized as “non-core.” Before the last almost 20 years, this was not the case. Westfield acquired the Crossings at Siesta Key for $62 million in the year 2003. In the decade that followed, it did not take any substantial steps to prevent the departure of anchor store Saks Fifth Avenue, and many other tenants, like Pottery Barn and Williams-Sonoma, used the kick-out options in their leases and left as well.

After the construction of Benderson’s then-new, The Mall at University Town Center was finished, many of the mall’s tenants relocated to the joint venture that Taubman Centers had created with Benderson. A shopping center that cost $315 million to build opened its doors in 2014.

Westfield restored the Crossings at the Siesta Key site at a total cost of $8 million, and in 2016, CineBistro opened in the space that Saks had previously occupied. Westfield expanded the shopping center by including an extra Lucky’s Market and four eateries the following year. 

Most restaurants have already closed their doors, and Lucky’s will leave the region in early 2020 after it completes the liquidation of all of its Florida stores. In the space formerly occupied by Lucky’s, which Benderson had acquired for $10 million in 2014, an Aldi store opened its doors in 2017.

Westfield Siesta Key, Sarasota Square, Citrus Park, Countryside, and Brandon. It purchased a 51 percent equity investment in Westfield’s Siesta Key Center for an amount that has not been made public.

The executives of Benderson have not made any public statements regarding their plans for the shopping center; however, the company has issued a statement claiming that it is known for transforming underperforming buildings “into vibrant attractions that satisfy the needs and wants of the community.” 

Benderson, a real estate investment company with headquarters in University Park, has made a series of building acquisitions over the past few years, including purchasing the administration building for Sarasota County for $25 million in the previous year.

The corporation also bought the grocery chain Fred Meyer, which operates in the Pacific Northwest and Alaska, the headquarters of Thrivent Financial in Minneapolis, and the Charlotte Metro Tower in North Carolina, which Duke Energy owns.

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