SARASOTA, FL—Pittsburgh-based ECHO Realtyreports it has acquired the 140,000-square-foot Paradise PlazaShopping Center here.

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The property, located at the intersection of US Route 41,Bay/Bee Ridge Roads, and South Osprey Avenue in Sarasota, isanchored by grocer Publix, CVS,and Petco. The Publix store totals 49,000 squarefeet, CVS comprises 16,000 square feet, and Petco has 12,000 squarefeet. Other tenants at the property include: Hallmark, Pure Barre,The UPS Store, Hand & Stone, Einstein Bros. Bagels, TCBY,Silverberg Jewelry, and Smoothie King.

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The property was purchased from a partnership betweenParadise Ventures and E.J. Plesko &Associates. Curtis Crenshaw ofCoastal Companies and TadTempleton of the Templeton Group brokeredthe transaction. No financial terms of the transaction, whichclosed on Aug. 5, were released.

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The center originally opened as Crossroads Plaza in 1959, addedPublix in 1995, and was redeveloped by the sellers of the propertyin 2005.

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ECHO has appointed Crossman & Company ofOrlando, FL as local property manager and leasing agency atParadise Plaza, which will work closely with ECHO's Pittsburgh andWashington-based management and leasing teams.

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ECHO Realty says it is currently has leases out for signature totwo major tenants, which will occupy the former 20,000-square-footBorders location fronting US Route 41. Interest has also beenexpressed for the remaining 2,500 square feet of small shop spaceat the property.

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ECHO Realty, a privately-held developer and owner ofgrocery-anchored shopping centers has offices in Pittsburgh, PA,Washington, DC and Indianapolis, IN. Its portfolio consists of morethan 190 properties in Pennsylvania, Ohio, Maryland, West Virginiaand Florida.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.