Newspaper article Sarasota Herald Tribune

Benderson Buys Landings Center | Developer Plans Revitalization Similar to Its Pelican Plaza Property

Newspaper article Sarasota Herald Tribune

Benderson Buys Landings Center | Developer Plans Revitalization Similar to Its Pelican Plaza Property

Article excerpt

RETAIL MOVES

Benderson Development Co. has purchased The Landings Shopping Center and has plans to revitalize the neighborhood retail hub that has struggled to retain tenants in recent years.

The property had gone into foreclosure last year. Mark Chait, the executive director of leasing for Manatee County-based Benderson, said the company purchased the property in an auction on Tuesday.

Financial details such as the purchase price were not disclosed.

More than a dozen of the roughly 30 retail spaces in the center that had been owned by the Landings of Sarasota Florida LLC remain vacant, and Benderson has plans to start filling them.

"It does take time," Chait said. "There is a process, and there's a lot of moving parts, and we're going to begin work on it immediately."

The retail shifts started about six years ago with tenant turnover in the 29-year-old shopping center. Office Depot closed its 30,171-square-foot anchor in late 2015. Players including Cheeburger Cheeburger, Fannie May, Oreck Floor Care, Radio Shack, Hear X, Skybox Sports and Peaches are among a crowd of retailers and office tenants that have closed stores there in the past six years.

Today, the center is still home to a Publix, Dollar Tree, Gecko's, Jo-Ann's Fabrics and a Petsmart.

Chait did not elaborate, but he said Benderson already has a strong list of prospects for the shopping center.

He compared the redevelopment to what Benderson has done with the Pelican Plaza shopping center just five miles south of The Landings. The two properties are roughly the same age and were in similar states when Benderson bought them.

Pelican Plaza, across the street from Westfield Sarasota Square, had its share of vacancies when Benderson bought it in 2012. Today, it's home to one of the top brick-and-mortar retailers in the country, Ulta Beauty, as well as a Total Wine and More and a Petco. …

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