Palma Sola Square
5505-5805 Manatee Avenue West | Bradenton, FL
Contact Brokers
James Medefind
Senior Vice President Investments
James.Medefind@MarcusMillichap.com
(O) 813-387-4788
FL #SL3216834
Jim Shiebler, CCIM, CEC
Senior Vice President Investments
Jim.Shiebler@MarcusMillichap.com
(O) 239.340.7811
FL #SL3347780
James Garner, CCIM
First Vice President InvestmentsJames.Garner@MarcusMillichap.com
(O) 813.387.4796
FL #SL3273659
Kirk Olson
Senior Vice President Investments
Kirk.Olson@marcusmillichap.com
(O) (786) 522-7064
FL #SL3113669
Drew Kristol
Senior Vice President Investments
Drew.Kristol@marcusmillichap.com
(O) (786) 522-7065
FL #SL3118648
Highlights
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Winn-Dixie installed a brand-new roof in 2016 totaling 50,000 square feet. Approximately 60,000 square-feet of roof was last replaced in 2006 with the balance completed in 2018.
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Built in 1977, Palma Sola Square is a 100% occupied, 117,462 SF prime supermarket-anchored shopping center in West Bradenton.
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Extensive renovations planned for the 50,000 SF anchor Winn-Dixie grocery store by 2023. Includes full exterior renovation to new prototype and an expected $2 million in interior improvements. All of which will be paid for by the tenant.
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Other featured tenants include Hancock Bank, Honey Baked Ham, Kumon Bradenton-West, Luxury Nails and Spa, Coast Seafood Grill, and Crossfit Manatee.
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Sarasota – Manatee Metropolitan Area has a population of 1.1 million, sixth-largest metropolitan area in Florida.
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Retail rents in Sarasota market are rising at a 5.8% annual rate in Q3 of 2022.
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Palma Sola Square presents new ownership with in-place, stable cash flow.
Description
Marcus & Millichap has been selected to exclusively market for sale Palma Sola Square in Bradenton, Florida. Built in 1977, the 117,462-square-foot supermarket-anchored shopping center is strategically located along 2,000 feet of avenue frontage and surrounded by nationwide retailers. This Winn-Dixie-anchored center has a 45+ year operating history with below-market rents, and Winn-Dixie is planning extensive renovations for its 50,000-square-foot space by 2023. Other featured tenants include Hancock Bank, Honey Baked Ham, Kumon Bradenton-West, and Luxury Nails and Spa. The property has 600 parking spots with a parking ratio of 5.10 stalls per 1,000 square feet. Palma Sola Square is 100% occupied and presents new ownership with in-place, stable cash flow. The deal includes one fee simple ground lease outparcel. There is also the potential to develop a second outparcel. The center is well located on the main retail corridor between Anna Maria Island and Downtown Bradenton. Palma Sola Square is also part of the greater Tampa Bay MSA, one of the fastest growing markets in the U.S.