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

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 South. Plans 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 Schultz, Managing Director, Retail 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.com, Twitter: @Colliersor LinkedIn.