Cortez Plaza Has Been Sold in Manatee County

A Miami-based property investment firm has expanded its portfolio by acquiring a shopping center in Manatee County.

CORE Investment Management has announced the sale of Cortez Plaza to an undisclosed affiliate. The seller is an LLC associated with Hackney Real Estate Partners based in Richmond, Virginia. Financial details surrounding the transaction remain undisclosed, and as of September 15, Manatee County property records had yet to be updated to reflect the sale.

Spanning over 260,000 square feet, the retail center is anchored by major tenants including LA Fitness and Sprouts. It is strategically positioned at the intersection of US 41 and Cortez Road West, an area that sees more than 100,000 cars daily, as stated in the announcement.

Other notable tenants include PetSmart and Burlington. The site is further enhanced by newly developed outparcels, now home to Chick-fil-A and Starbucks, and is located within a mile of the former DeSoto Mall, currently undergoing redevelopment. This 52-acre site is being transformed into apartments through various projects, as indicated in the statement. Mall site transformation details can be found here.

“This purchase aligns with our focus on value-add opportunities,” CORE Managing Principal Adam Greenberg stated, “in key markets with strong in-place yields.”

CORE manages about 2 million square feet of property across Florida, primarily concentrated in Orlando. The firm typically engages in transactions ranging from $20 million to $50 million, as noted on their website.