ECHO Realty Purchased Paradise Plaza In Sarasota, FL Anchored By Publix, CVS, And Petco

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Aug 19, 2014, 09:21 ET

PITTSBURGH, Aug. 19, 2014 /PRNewswire/ -- ECHO Realty is pleased to announce its August 5, 2014 purchase of Paradise Plaza Shopping Center, a 140,000 square foot Publix, CVS, and Petco-anchored center located at the intersection of US Route 41, Bay/Bee Ridge Roads, and South Osprey Avenue in Sarasota (Sarasota County), Florida. The center originally opened as Crossroads Plaza in 1959, added Publix in 1995, and was redeveloped by the sellers of the property in 2005. The shopping center serves a strong and growing trade area comprising nearly 70,000 people within 3 miles of the site, including the residents of the Oyster Bay, Cherokee Park, McClellan Park, and Harbor Acres neighborhoods. Additionally, Paradise Plaza is the most convenient grocery-anchored community center to Siesta Key located across the causeway just west of the property.

ECHO Realty purchased Paradise Plaza Shopping Center in Sarasota FL. The 140,000 SF center is anchored by Publix, Petco, and CVS. (PRNewsFoto/ECHO Realty)

Salient attributes of the center include: (i) adjacent roadway arterials which produce an average daily traffic count of more than 90,000 vehicles; (ii) Westfield's Southgate regional mall anchored by Macy's and Dillard's which is directly across US 41 from the center; and (iii) the Sarasota Memorial Hospital which is located one mile north of the property. The Publix store consists of 49,000 square feet, CVS comprises 16,000 square feet, and Petco has 12,000 square feet. These stores are complemented by a diverse range of quality specialty stores and restaurants, including Hallmark, Pure Barre, The UPS Store, Hand & Stone, Einstein Bros. Bagels, TCBY, Silverberg Jewelry, and Smoothie King.

ECHO is currently concluding deals, with leases out for signature, to two major tenants which will occupy the former 20,000 square foot Borders location fronting US Route 41. Interest has also been expressed for the remaining 2,500 square feet of small shop space. The property was purchased from a partnership between Paradise Ventures and E.J. Plesko & Associates. Curtis Crenshaw of Coastal Companies and Tad Templeton of the Templeton Group productively served to broker this transaction. ECHO has appointed Crossman & Company of Orlando, Florida as local property manager and leasing agency at Paradise Plaza, working closely with ECHO's Pittsburgh and Washington-based management and leasing teams.

ECHO Realty is a privately held developer and owner of grocery anchored shopping centers with offices in Pittsburgh, PA, Washington, DC and Indianapolis, IN. ECHO's portfolio consists of over 190 properties located in Pennsylvania, Ohio, Maryland, West Virginia and Florida.

Photo - http://photos.prnewswire.com/prnh/20140819/137316

SOURCE ECHO Realty