Patrick Berman, Jason Donald and Todd Tolbert Represented Paradise Ventures in the Bradenton Retail Disposition
BRADENTON, FL, July 20, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Cortez Village Square, a 41,862-square-foot neighborhood shopping center in Manatee County.
The retail brokerage team of Managing Director Patrick Berman, Managing Director Jason Donald and Associate Todd Tolbert represented Safety Harbor, FL-based Paradise Ventures in the disposition. Fay Magnolia, LLC acquired the asset for $4.3 million ($102.72 per square foot).
Cortez Village Square was developed in 1990 and features 35,862 square feet of retail space and 30 storage units totaling 6,000 square feet. The one-story center offers 219 parking spaces for tenants and customers. Cortez Village Square was 89 percent occupied at the time of sale. Notable tenants include Anna Maria Oyster Bar and Blake Medical.
Cortez Village Square is located on a ±5.1-acre site at 6620 Cortez Road in the West Manatee retail submarket. This location at the signalized intersection of Cortez Road and 66th Street West provides a daily traffic count of 30,500 vehicles with more than $1 billion in annual retail sales generated within a three-mile radius.
“Cortez Village Square drew tremendous interest from investors as a well-positioned neighborhood retail center with a strategic location in a strong trade area,” said Berman. “The asset is home to well-established tenants and offers substantial upside potential.”
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