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A Miami-based property investment firm specializing in retail has acquired a shopping center in Manatee County.
CORE Investment Management has announced that Cortez Plaza has been sold to an unnamed affiliate, with an acquisition price of $39.4 million as confirmed by Managing Principal Michael Lapointe in an email to the Business Observer.
This retail center spans over 260,000 square feet and features anchor tenants such as LA Fitness and Sprouts, located at the busy intersection of US 41 and Cortez Road West, where daily traffic exceeds 100,000 vehicles.
Besides Sprouts and LA Fitness, other notable tenants include PetSmart and Burlington. The shopping center boasts newly developed outparcels with Chick-fil-A and Starbucks, enhancing its appeal. It is also within a mile of the former DeSoto Mall, which is undergoing redevelopment into residential apartments through various projects.
“This purchase aligns with our focus on value-add opportunities,” stated CORE Managing Principal Adam Greenberg, “in key markets with strong in-place yields.”
CORE currently manages 2 million square feet of property across Florida, primarily in Orlando. The firm typically engages in transactions ranging from $20 million to $50 million.
Key Information
- Acquisition Firm: CORE Investment Management
- Property Acquired: Cortez Plaza in Manatee County
- Purchase Price: $39.4 million
- Size: Over 260,000 square feet
- Main Tenants: LA Fitness, Sprouts, PetSmart, Burlington
- Traffic Location: US 41 and Cortez Road West (100,000+ daily vehicles)
- Nearby Developments: Former DeSoto Mall being redeveloped into apartments
- Portfolio Size: 2 million square feet managed in Florida
- Typical Transaction Size: $20 million to $50 million
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Article original publish date: 2025-09-15 20:51:00
Article source: businessobserverfl.com
Read the full story at the original source: businessobserverfl.com
