BRADENTON -- A Montreal real estate investment firm has jumped into a strip-center market that's heating up. The center is at the edge of Lakewood Ranch, purchasing Ranch Lake Plaza for $11.6 million.
Operating through a Tampa-based subsidiary, Colterra Capital bought the 10.6-acre center, 8712 State Road 70, on Oct. 24, just four months after the nearby River Club Plaza sold to an Orlando buyer for $7.35 million.
The center, which will soon be home to a Goodwill retail location, is anchored by a former Sweetbay grocery store. In all, Colterra acquires more than 85,000 square feet of retail space. A staff member with the management company that will operate the center for Colterra, RPM Realty Management of Tampa, said the center has a low number of vacancies, with four of the 18 retail slots empty.
Land records show that the center has more than 160,000 square feet of parking.
Goodwill Manasota is renovating the former Sweetbay. The nonprofit expects to open the approximately 40,000-square-foot store in a few months.
The seller in the transaction was Gemini Real Estate Ranch Lake LLC, a subsidiary of New York-based Gemini Real Estate Advisors. Manatee County records show the company purchased the strip center in 2004 for $15.5 million, two years after the first retail components of the
property were built.
Ranch Lake Plaza is Gemini's only real estate holding in Bradenton. Across Florida, the company owns four properties that are sites of LA Fitness clubs, according to its website. Colterra owns two other properties in Florida, according to its website. In 2013, it purchased the Terrace Oaks Plaza in Tampa for $5.4 million. It has also owned Tampa multifamily complex Swan Lake since 2011.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.