A bid deposit of $1,000,000 will be required by October 12, 2021 to participate in the auction. Please contact Adam Sklaver at 301-706-4619 or adam.sklaver@cbre.com for more details.
Investment Highlights
- ±569,675 SF FORMER REGIONAL MALL LOCATED IN BRADENTON, FLORIDA WITHIN THE NORTH PORT-SARASOTA-BRADENTON METROPOLITAN AREA
- POSITIONED ON ±58 ACRES WITH FAVORABLE/FLEXIBLE ZONING ALLOWING FOR MULTIPLE REDEVELOPMENT OPPORTUNITIES (CONCEPTUAL SITE PLANS IN DD VAULT)
- IN PLACE CASH FLOW FROM HUDSON’S FURNITURE OFFSETS SOME EXPENSES DURING REDEVELOPMENT PLANNING
- PREMIER SITE POSITIONED ON HEAVILY TRAFFICKED CORRIDOR WITH NEARLY 41,000 VPD
Offering Details
CBRE is proud to offer DeSoto Square Mall, a former regional mall on ±57.86-acres located at 303 301 Boulevard West in Bradenton, FL (the ‘Property’ or ‘Offering’) within the desirable North Port-Sarasota-Bradenton MSA. The Property presents developers/investors the perfect opportunity to acquire an incredibly well located piece of real estate at a major highway interchange in a strong Florida metro market with various opportunities for redevelopment.
The Property consists of a one-story multi-tenanted building and a detached automotive repair building totaling approximately ±569,675 leasable square feet. The mall opened in 1973 during the height of indoor malls’ popularity and consists of 104 tenant spaces including three anchor tenant boxes, 13 kiosks, 88 in-line stores, and one detached unit/building currently occupied by Bridgestone/Firestone. The foundation was built with reinforced concrete spread footings, structural steel framing, painted stucco exterior facades, and a flat system with gravel and modified bitumen roof coverings. In addition to the current structures, the Property is also improved with groundwater monitoring wells (associated with the Firestone unit), loading docks, a municipally-owned sanitary sewer lift station, concrete and asphalt-paved parking areas, and associated landscaping. In September 2020, the prior owners filed for Chapter 11 bankruptcy protection and the Mall officially closed its doors in April 2021. The Property is ±19.76% leased and Hudson’s Furniture currently occupies one of the ±100k SF anchor spaces through January 2024. They pay monthly percentage rent offering investors some income while planning for redevelopment. A seasoned developer has the ability to deliver a mixed use lifestyle center in a market that is among the fastest-growing in the country.
There are conceptual plans for the proposed redevelopment of the ±57.86-acre mall property into an area-changing redevelopment with a ±128,514 SF retail lifestyle center, a ±30,000 SF grocery anchor, ±80,000 SF of office space and three retail outparcels. Also planned are two multi-family communities, one with 345 units and another with 360 units, and a 100-unit senior housing facility. The Site’s prime frontage along a major east-west thoroughfare, expansive parcel, and sheer size of the project provide the opportunity to be creative through re-design and re-development.
DeSoto Square Mall is situated within the North Port-Sarasota-Bradenton Metropolitan Area and is only a 15-minute drive to the Gulf of Mexico. The City of Bradenton is located within Manatee County and has a diversified economic base that relies on service, retail, light manufacturing, agriculture and particularly tourism. The major employers are Manatee County School Board, Beall’s Inc, Manatee County Government, Manatee Memorial Hospital, Tropicana Products, Inc., Manatee Co. Sheriff’s Dept., Blake Medical Center, Publix, IMG Academies, and the City of Bradenton. The City of Bradenton and surrounding Manatee County has traditionally been one of the fastest growing regions in the state. The Property is poised to benefit from its easy accessibility and its location in a high traffic area with nearly 41,000 vehicles passing the site daily on 44th Avenue W. The immediate area boasts strong residential demographics and a booming residential real estate market that is breaking records. The market is experiencing a consistent influx of new residents and statistics show steady population growth over the next five years. The increasing population coupled with strong demographics makes this prime redevelopment site an excellent opportunity to capture future absorption. Additionally, both during and post COVID-19, the housing market has been on fire, with heavy sales volume and a shortage of inventory. The Property’s location has a population of ±275,967 resident with an average household income of $70,000 within a 5-mile radius. This affluent demographic combined with the international influx of tourists and visitors will continue to create tremendous opportunities for the local economy, retailers and property investors.
