By Justin Summer | CoStar News
Port St. Lucie, Florida – 3.31.23 | 7:00 am - Florida-based developer Jeremiah Baron & Co. Commercial Real Estate sold a portion of the Baron Shoppes of Tradition in Port St. Lucie, Florida, in two separate deals that together earned a 2023 CoStar Impact Award for the development's tenant roster and its location near planned tourism and residential sites, as judged by an independent panel of local industry professionals.
Development of the 76,250-square-foot neighborhood retail center at 10820 and 10860 SW Tradition Parkway took a little over two years due in part to the effects of the ongoing pandemic. But before it was completed, the seven-unit property attracted local and national tenants including Chipotle, Mathnasium and La Granja.
The center is also located less than a mile from a site that is slated to house the world's tallest heart sculpture, which is expected to draw tourists to the area. The trade area includes more than 11,000 homes planned in the Tradition master-planned unit development as well as the nearby Cleveland Clinic Tradition Hospital.
About the deal: In February, a local investor acquired a 9,350-square-foot portion of the center from the builder for $6.5 million, or about $695 per square foot. Then to close out the year, Rise Asian Sushi purchased its 5,850-square-foot building in the center for $4.03 million, or about $689 per square foot. The seller, Jeremiah Baron & Co., handled both direct sales in-house.
The sales price is well above the average for Port St. Lucie, a midsized retail market that had 102 retail sales close over the past 12 months that averaged just $203 per square foot, according to CoStar data.
What the judges said: "Baron Shoppes of Tradition has brought multiple great brands into Tradition that will be a staple in the community for the new housing developments along with the Cleveland Clinic," said Conor Mackin, sales and leasing agent with Jeremiah Baron & Co. Commercial Real Estate.
They made it happen: Jeremiah Baron, chairman and CEO of Jeremiah Baron & Co. Development in Stuart, Florida; Jim Clary, president and general counsel at Baron; Jamison Weeks and Mark Hedrick, senior project managers at Baron; Brendan DeBlois, project manager at Baron; and Melissa Suarez, marketing director at Baron.