Centre Shops sale brings $3.7 million

The Centre Shops of Longboat Key sold Dec. 1, for $3.7 million.

Longtime owner Don Roberts, listed on the deed as vice president of Centre Shops of L.K. Ltd., sold the shopping center to FH Centre Shoppes LLC, of Sarasota, according to Manatee County property records.

Tenants learned about the sale in a letter last week.

“We’ve known for a while that it’s been on the market,” said Gregory Koss, co-owner of the David Gregory Salon in the Centre Shops. “Our hope is it’s someone who’s going to come in and take good care of it.”

FH Centre Shoppes lists Eric Howell, of Sarasota, as the managing member. Locally, Howell’s investment groups also own 595.06 acres of land east of U.S. 301 in Parrish and the 15,470-square-foot Shoppes of North Port.

The purchase price of the 37,880-square-foot shopping center equates to approximately $97 per square foot.

Earl Fossum, vice president of ICORR Properties International, which will manage the Centre Shops, said parking lot repairs will be the first priority.

“We’re hoping to get on the parking lot in January,” Fossum said. “The way the lot is laid out, we’re able to section it and not cut it off to traffic.”

After peak season, the property will get a more extreme makeover, including new roofs, soffit and fascia, plus repainting.

“The property has some very obvious deferred maintenance issues,” Fossum said.

Susan Goldfarb, executive director of the Education Center of Longboat Key, was pleased to hear about plans for improvements, especially to the parking lot.

“I think that if they were going to do those very important repairs, it would be a very nice thing,” Goldfarb said. “But I am sad to say goodbye to Don Roberts.”

Roberts did not return calls seeking comment prior to deadline. He purchased the Centre Shops for $3,661,700 in December 1998, according to property records.

The Centre Shops is approximately 85% occupied and includes three restaurants, a bank, clothing and gift shops, offices, the Education Center and the Longboat Key Chamber of Commerce.

Fossum said the property will remain a shopping center.

“The property has some character,” he said. “I think we need to take advantage of that and restore it.”

Fossum said he will conduct market research to determine the best use of vacancies, but he is pleased with the tenants currently located in the shopping center.

“It’s a pretty good mix, and it has a mix that services a lot of people,” he said.

“It’s a great shopping center with a great mix of businesses,” he said. “A lot of our clients come in here, and they have their breakfast at Blue Dolphin, take their classes at the Education Center and get their hair done and maybe go to Lazy Lobster for lunch. A lot of our customers are in the shopping center for a good part of the day.”

Property profile
Centre Shops of Longboat Key
Built: 1986

Leasable area: 37,880 square feet

Total space available: 5,761 square feet

Occupancy: 85%

Number of spaces available: Eight

Leasing price per square foot: $13

Anchor tenants: Lazy Lobster of Longboat, Blue Dolphin Café, Education Center of Longboat Key

Source: LoopNet