TAMPA, FL—DeSoto Square Mall, a 678,377-square-foot enclosed regional shopping mall in Bradenton, has a new owner. The retail asset traded for $24.6 million.
An affiliate of New York-based Mason Asset Management acquired the shopping mall from a wholly owned subsidiary of Simon Property Group. CBRE represented the seller, with Peter Stevens from the Wayne, PA office, Dave Conn from the Tampa, FL office, and Casey Rosen and Nik Kozy from CBRE’s Miami-based National Retail Investment Group Team for Florida, working together on the deal.
“The buyer was interested in high quality in-fill real estate and a property with the potential for value creation,” Rosen, a senior vice president with CBRE in Miami, said in a statement. “They are planning to make improvements to the mall and add value through leasing vacancy.”
Located on U.S. Highway 41 and Cortez Road in Bradenton, the DeSoto Square Mall opened in 1973 and was renovated in 1996. Macy’s and JCPenney anchor the shopping mall, which has a vacant former Dillard’s box. Sears also operates at the property but is separately owned and was not included in the transaction. The DeSoto Square Mall and surrounding shopping centers form a regional retail concentration generally situated along U.S. Highway 41 and Cortez Road serving Bradenton and the wider Manatee County area.
“This transaction was a win for both parties,” Rosen continued. “For Simon the sale fits into their strategic asset disposition program.”