LONGBOAT KEY, FLA. — Marcus & Millichap has arranged the $7.5 million sale of Centre Shops, an oceanfront retail center located at 5370 Gulf of Mexico Drive in Longboat Key, a barrier island near Sarasota, Fla. Situated on a 4.7-acre site in Manatee County, the five-building property features 37,880 square feet of retail space that was 95 percent leased at the time of sale to tenants including Lazy Lobster Restaurant, Longboat Key Flower Shop, Pilates Longboat Key, La Norma Italian, Blue Dolphin Café, The UPS Store and Longboat Resort Wear. Nearly two-thirds of the tenant roster has operated at the retail center for seven years or longer.
James Medefind of Marcus & Millichap’s Tampa office represented the Florida-based seller in the transaction. Jeff Enck of SRS Real Estate Partners represented the undisclosed buyer. Centre Shops has recently undergone improvements including new roofing and exterior lighting and a revamped parking lot.