Dealmaker: Institutional Property Advisors Brokers $12M Grocery-Anchored Shopping Center Sale

(Southwood Shops, Bradenton, Fla.)

Institutional Property Advisors, Calabasas, Calif., brokered the sale of Southwood Shops, a 107,700-square-foot Winn-Dixie-anchored shopping center in Bradenton, Fla.

The asset traded for $12.1 million.

“Currently 100% occupied, Southwood Shops has been anchored by a successful grocery store for more than 40 years,” said Kirk Olson, IPA Senior Director. Olson and Marcus & Millichap Senior Vice President of Investments Drew Kristol represented seller Bradwood Shopping Center Company LTD and procured buyer Southwood Shops LLC, a Miami-based partnership between Heritage Square Pompano Beach LLC and Lake Hills Plaza LLC.

Built in 1981 on 15 acres, Southwood Shops occupies the intersection of 14th St. and 57th Ave., where average daily traffic exceeds 50,000 vehicles. A nearby First Horizon Bank, Truist Bank and Chevron gas station drive additional traffic to the center. State College of Florida Manatee–Sarasota, with more than 11,000 students, sits one mile away.