A prime, fully occupied shopping center located on U.S. 41 in North Port has been sold for $10.82 million. The transaction involved a Seattle-based investor acquiring the property, known as North Port Village, from a South Florida real estate investment firm. This sale marks a significant shift in ownership for the well-situated retail hub.
Key Takeaways
- North Port Village, a 66,083-square-foot retail center, sold for $10.82 million.
- The property is now 100% occupied, with recent additions including Planet Fitness and Do The Beach indoor children’s facility.
- The seller invested $3 million in capital improvements, including new roofs and façade upgrades.
- The center is strategically located at the intersection of South Tamiami Trail and North Port Boulevard, seeing over 42,000 vehicles daily.
Property Details and Recent Enhancements
The 7.88-acre property, situated at the busy intersection of South Tamiami Trail and North Port Boulevard, has undergone substantial improvements in recent years. The previous owner, a Hallandale Beach entity identified as Isram Realty Group, invested approximately $3 million into capital enhancements. These upgrades included the installation of new roofs and significant façade improvements, enhancing the center’s overall appeal and functionality.
New Tenants Boost Occupancy to Full Capacity
Following the renovations, North Port Village has attracted new anchor tenants, achieving 100% occupancy. Planet Fitness opened its doors in the spring, while Do The Beach Adventure Park, an indoor children’s facility, debuted in September in the former Winn-Dixie space. The 12-tenant property also includes established businesses such as Humana and Napa Auto Parts, alongside a mix of other national, regional, and local retailers.
Transaction Details and Brokerage Involvement
Commercial real estate brokerage Marcus & Millichap facilitated the sale, representing both the buyer and the seller. While the buyer’s identity remains undisclosed, property records indicate the seller, Isram Realty Group, originally purchased North Port Village in 1997 for $2.35 million. The brokerage’s team, including Drew Kristol and Kirk Olson from the Miami office, managed the seller’s side, while agents from the Seattle office, Clayton Brown, Luke Holsinger, and Ruthanne Loar, were instrumental in procuring the buyer.
Sources
- North Port shopping center sells for $10.82M, Business Observer.