The Shoppes at Palmer Ranch, a Publix-anchored retail center in Sarasota, has been sold by WMG Development to The Wilder Companies for $20.4 million. Colliers’ Brad Peterson, Whitaker Leonhardt, and Michael Brewster represented WMG in the transaction while Don Jennewein of Colliers assisted The Wilder Companies with acquisition financing.
In addition to the main sale of the shopping center, Colliers also facilitated separate sales for two out parcels owned by WMG Development: Circle K and Fifth Third Bank were sold to individual 1031 buyers for $3.35 million and $2.14 million respectively.
The Shoppes at Palmer Ranch spans 65,417 square feet and features Publix’s new store prototype which includes a drive-thru pharmacy and Publix Liquors. At the time of sale, the property was fully occupied.
WMG is known for developing commercial real estate projects across various industries nationwide with a focus on retail centers as well as healthcare facilities and restaurants. Meanwhile, The Wilder Group boasts an impressive portfolio consisting of over seven million square feet across 10 states according to their website.
