Colliers Announces the Sale of Shoppes at Palmer Ranch

Sarasota, FL – November 25, 2024 – Colliers | U.S. has arranged the sale of Shoppes at Palmer Ranch, a newly constructed Publix-anchored center in Sarasota, FL. Colliers represented WMG Development in the sale of the Property to The Wilder Companies, along with the sales of Circle K and Fifth Third Bank to private buyers in separate transactions. Colliers represented The Wilder Companies to secure acquisition financing through a correspondent life insurance company lender.

Shoppes at Palmer Ranch sold for $20,400,000. Colliers also represented WMG Development in the individual sales of the Circle K and Fifth Third Bank outparcels to separate 1031 buyers for $3,350,000 and $2,143,000, respectively.

Brad Peterson, Whitaker Leonhardt, and Michael Brewster of Colliers represented the seller, WMG Development, on all three sale transactions. Don Jennewein of Colliers represented The Wilder Companies on the acquisition financing.

Shoppes at Palmer Ranch is a 65,417-square-foot shopping center anchored by Publix’s new store prototype with a drive-thru pharmacy and Publix Liquors. The Property, which was 100 percent occupied at the time of sale, is located in the highly affluent and infill Palmer Ranch Development of Regional Impact in Sarasota less than half a mile from Interstate-75 (114,000 VPD) and is highlighted by outstanding demographics as nearly 32,000 residents live within 3 miles and earning average household incomes exceeding $147,000.

“Shoppes of Palmer Ranch is the definition of ‘best-in-class’ – from the tremendous infill location, surrounded by affluent residents, to the light color scheme and brick façade, raised architectural features, and lush tropical landscaping – the curb appeal of the property and attention to detail is unparalleled,” according to Colliers’ Peterson. “WMG Development delivered a great property to the market and The Wilder Companies will be able to capitalize on the strength of the asset and trade area for years to come. Shoppes at Palmer Ranch represents our team’s fifth Publix-anchored shopping center sale of the year.”

In 2023, Sarasota was ranked the #2 Fastest Growing Places in the U.S. and the #5 Best Places to live in the U.S. Sarasota is home to award winning beaches including Siesta Key, Anna Maria Island, Longboat Key, and St. Armand’s Circle. Shoppes at Palmer Ranch benefits from prime positioning at the intersection of Central Sarasota Parkway and Honore Avenue, with direct access to the 302-unit Sandhill Preserve on Palmer Ranch, with average household incomes of nearly $160,000.

Media Contact:

Jessica Carroll

PR and Communications Manager | East Region

jessica.carroll@colliers.com

About Colliers

Colliers is a leading global diversified professional services company, specializing in commercial real estate services, engineering consultancy and investment management. With operations in 70 countries, our 22,000 enterprising professionals provide exceptional service and expert advice to clients. For nearly 30 years, our experienced leadership – with substantial inside ownership – has consistently delivered approximately 20% compound annual investment returns for shareholders. With annual revenues exceeding $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property, infrastructure and real assets to accelerate the success of our clients, investors and people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.

About WMG Development

WMG Development LLC is a full-service, national real estate investment and development company that creates positive impacts on people and communities through real estate. Established in 1995, the company specializes in commercial projects across retail, healthcare, and restaurant sectors, earning a reputation as one of the nation’s premier retail developers. With a commitment to innovation and integrity, WMG is recognized for meeting the evolving needs of its partners while enhancing its reputation and generating lasting value for stakeholders. Known for expertise in site selection, a quick, responsive approach, and commitment to world-class experiences, WMG partners with tenants and clients to deliver solutions that drive value and support long-term business growth. Its combination of financial strength and development experience allows the company to move quickly while leveraging resources to ensure project success. With long-standing build-to-suit relationships and the ability to tailor solutions for everything from single-site developments to full rollout strategies, WMG builds strong partnerships that foster mutual growth. These relationships, along with a focus on innovation and integrity, are at the core of the company’s lasting success.

About The Wilder Companies

TWC currently has an over seven million square foot portfolio which includes 40+ properties in 10 states. Through the decades our expertise has continued to evolve. Today, we are both adept property managers and also proven specialists who can analyze existing retail properties for additional growth, repositioning, or mixed-use transformations. Wilder creatively integrates just the right mix of contemporary retail, residential, office, service, lab, and hotel uses into real estate assets from which our consumers, retailers, and investors all benefit.