"We just formally closed on the deal," Jack Sitt, a company principal with brother David in the family-operated firm, tells GlobeSt.com in a phone interview. "Around here, it's pretty big news."
The 10-year, 20,000-sf lease with St. Louis-based grocer Sav-A-Lot brought the 20-year-old center to 86% occupancy. "All we have left is 30,000 sf," Sitt adds. Fountain Court is at 6605 Manatee Ave. West in Bradenton.
Sitt says he can't disclose the aggregate value of the lease because of a contractual agreement with the tenant. However, at an average asking base rent of $20 per sf for inline space, area brokers tell GlobeSt.com the Sav-A-Lot transaction could probably be valued at a minimum $4 million.
Alice Edwards, a licensed broker in Bradenton, brokered the transaction, representing landlord and tenant. The deal took about three months to complete, from letter of intent to closing, Edwards tells GlobeSt.com. "There's plenty of competition for tenants" in the west Bradenton submarket, the broker says. Sav-A-Lot is a 1,250-store, wholly owned subsidiary of Supervalu Inc.
Beall's Superstore anchors Fountain Court. "They just added 14,000 sf to their existing 87,000 sf of space," Edwards tells GlobeSt.com. Among the 20 other tenants are H&R Block, Pizza Hut, Heitel Jewelers, BBC Investors Inc., Broadway Café, Cali Nails, Suncoast Schools Federal Credit Union, Best Discount store and Manatee Real Estate Service LLC.
Sitt Asset Management's portfolio includes properties in New York, New Jersey, Florida, Maine, Pennsylvania and Tennessee.
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