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Developer purchases former Albertsons location on U.S. 41 in Venice

Venice Albertsons Storefront_PS (1)

Benderson Realty Development buys property for $4.25 million

Developer purchases former Albertsons location on U.S. 41 in Venice

VENICE, Fla. (Feb.27, 2020)Benderson Realty Development has purchased a vacant Albertsons location on U.S. 41 in Venice for $4.25 million. The 61,966-square-foot former grocery store sits on 6.26 acres and is located at 1590 U.S. 41 Bypass SouthPlans for the property have not been disclosed. 

Benderson Realty also ownsJacaranda Plaza across the street. This198,000-square-foot retail center is home to national retailers such as Marshall’s, Bealls Outlet, Petco, Bonefish Grill and the former Lucky’s Market, which will be backfilled by Aldi. 

Ron SchultzManaging DirectorRetail Investments for Colliers International Tampa Bay represented the seller. Richard Franco with Benderson Realty Development, Inc. represented the buyer. 

The seller has owned the property for several years and found it to be a good time to sell and focus on other investments,” said Schultz. “The property was highly sought-after because of its redevelopment potential, as well as its parcel size and location at one of the busiest intersections in Venice.” 

Colliers fielded a number of offers from developers, with proposed uses ranging from office and medical space to big-box gyms. Turning former grocery stores into free-standing fitness facilities has been a common redevelopment strategy in recent years, since these locations offer large, open spaces with ample parking.

This strategic purchase allows Benderson to command an even larger retail presence in the Venice and WestFlorida markets,” said Schultz. “This is a prime market for the company and in close proximity to its corporate headquarters. Adding space near an existing retail center will also give them the opportunity to move tenants around without impacting the tenants business.”

Benderson Development is one of America’s largest privately held real estate companies. The developer owns and manages over 700 properties encompassing over 40 million square feet in 38 states. The company’s diverse portfolio includes retail, office, industrial, hotel, residential and land holdings.

 

About Colliers International Group Inc.

Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries,our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

To learn more about how we accelerate success visit corporate.colliers.comTwitter@Colliersor LinkedIn.

 


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Ron Schultz

Executive Managing Director, Retail Investments

Tampa

Ron has been representing clients in both the acquisition and disposition of retail real estate investments for twenty years, successfully managing thousands of transactions with a deep understanding of the capital markets environment. Ron’s expertise includes strategically underwriting and delivering comprehensive investment valuations of existing single and multitenant retail investments, retail repositioning opportunities, and ground-up retail development. Ron's is well-respected for providing best of class real estate investment services. Ron's commitment to excellence has enabled him to successfully complete transactions totaling over $1 billion to date.

Ron Schultz specializes in providing superior retail investment advisory services. Ron has successfully managed thousands of retail shopping center, strip center, and single-tenant (NNN) investment-grade retail sales throughout the United States.

Ron has one of the most active databases of Buyers and a strong network of local, regional, national, and international investors that he uses to create the most competitive market environment for properties Ron represents. Ron has a distinctive ability to tap the best of class buyers and experience in vetting and selecting the right buyers who will close at highest price.

Ron understands what is important to his clients and owners of retail assets: best in class marketing, reaching the most active and competitive buyer pools, communication, completing transactions at the highest price, in the shortest amount of time … while anticipating, minimizing and removing any potential speedbumps along the way.

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