B & L Investments has spent $5.8 million on two Neighborhood Retail Centers in Lakewood Ranch. The first center, Shoppes of Summerfield, has 12,569 sq ft of retail and is located at the southeast quadrant of State Road 70 and Lakewood Ranch Boulevard. The center is fully leased to six tenants, including AAA Auto Club, Subway, The UPS Store, and Supercuts. The second center, the fully-leased, 11,000 square-foot Shoppes at Market Square, is situated in the Market Square commercial district of Lakewood Ranch. Its tenants include Pizza Hut, Berkshire Hathaway Home Services, and Get Fit Fuel. CBRE arranged the sale and financing on behalf of the buyer with Genworth Life Insurance Company.
“These high-quality retail centers were sold by the original developer to a private group that was attracted to the investment opportunity because of the quality of the centers and their tenants, their prime locations, and the strong demographics of Lakewood Ranch,” said CBRE’s Mark Shellabarger, Senior Vice President, Capital Markets, Investment Properties. “Both centers feature a stable mix of national and local tenants and are located across from high-performing Publix-anchored shopping centers.”
