Argosy Real Estate Partners Invests in The Green at Lakewood Ranch
On December 28, 2018, Argosy Real Estate Income & Growth I, L.P., an Argosy Real Estate Partners’ fund, in partnership with North American Development Group (“NADG”) acquired The Green at Lakewood Ranch, a 2018-vintage, 123,000 square foot grocery-anchored center located on a 21-acre site in Lakewood Ranch, Florida.
Lakewood Ranch is a 31,000-acre mixed-use community within the Sarasota, Florida MSA, nine miles northeast of downtown Sarasota and 35 miles south of downtown Tampa. Lakewood Ranch is the second fastest selling master-planned community in the United States. The immediate surrounding area is anticipated to see continued population growth in the next decade.
The institutional quality asset includes anchor tenants Earth Fare, an organic grocer, and LA Fitness. The property also includes four outparcels leased to credit tenants including Panera, 7-Eleven, Wendy’s, and a three-tenant building with Verizon, Chipotle, and Starbucks. The Green at Lakewood Ranch is currently 89% leased with 79% of its gross leasable area leased through 2028.
NADG is a vertically-integrated owner and developer of commercial real estate headquartered in Toronto, Canada with its U.S. headquarters in West Palm Beach, Florida. In its cumulative business history, NADG has been active in the development, acquisition, redevelopment and management of over 200 shopping centers, mixed-use and residential developments comprising well over 35 million square feet across Canada and the United States.