Big Deal

Benderson Development Buys Sarasota Retail Strip for $30.5 Million

Glengary Shoppes on South Tamiami Trail—which includes Best Buy and Barnes & Noble—was recently purchased by the developer in an off-market cash deal.

By Kim Doleatto January 17, 2024

Glengary Shoppes at 4020 S. Tamiami Trail, one block south of Bee Ridge Road.

Glengary Shoppes on South Tamiami Trail, one block south of Bee Ridge Road in Sarasota, was recently purchased by Benderson Development for $30.5 million in an off-market, cash deal.

The retail strip, located at 4020 S. Tamiami Trail on 10.5 acres, was built in 1995. The 95,489-square-foot retail shopping center is anchored by big brand name retailers Best Buy and Barnes & Noble, along with a separately parceled Regions Bank and an IHOP.

Plans to make any changes to Glengary Shoppes have not been announced.

“I don't think there are immediate plans," says Brad Peterson of Colliers, who along with Whitaker Leonhardt represented the sellers in the transaction. "It's just about buying high-quality commercial real estate. "Benderson has a lot of ownership on Tamiami already, like the Crossings at Siesta Key [formerly Southgate Mall then Westfield Mall] where they plan to implement a new urbanism type of project. They're not under rigid investment hurdles with time caps. Benderson bought Siesta Promenade almost 25 years ago. I think that says something about their long-term vision and patience to do the right project at the right time."

The seller, Regency Centers, a publicly traded national owner, operator, investor and developer of shopping centers, purchased Glengary Shoppes for $13,775,000 in 1997. 

Benderson, which is headquartered in Manatee County and is one of the largest privately held real estate companies in the nation, owns other properties in the immediate area, including the Crossings at Siesta Key; The Landings, which have since seen recent renovations along with a remerchandised Publix; and Siesta Promenade, a sprawling new mixed-use projec that will soon break ground.

Although Benderson Development has properties in 41 states, it's scooped up a number of properties localy, including a Publix Super Market at Olde Village in Englewood, Bee Ridge Square, the Walgreens on the corner of Bee Ridge and Beneva roads, and the former Cafe Baci, also on Tamiami Trail. 

In 2022, it bought a mixed-use commercial property on Siesta Key. And in 2021, it acquired the Sarasota County administration building on Ringling Boulevard which is slated for a mixed-use development of residential, office and retail spaces. 

Benderson first made its mark on Sarasota in 1998, when it purchased a dying outlet mall near University Parkway and I-75 and upgraded the property to The Shoppes at University Town Center. More nearby retail developments followed: The Square at University Town Center, The Market at University Town Center, The District at University Town Center and The Mall at University Town Center. It also partnered with the county to build Nathan Benderson Park, which includes a world-class rowing facility that has hosted competitions since 2010.

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