Collier developed the 72,197-sf property in 2002. The company has been disposing of its retail assets and this is one of the last to go. GlobeSt.com has learned on condition of anonymity that this is one of the few retail properties to trade at "a sub-6% cap rate" in the Naples area. "Naples is rapidly developing, especially in retail, and particularly in this south portion of the city," this area broker says.
A 44,271-sf Publix supermarket anchors the center, which is 100% leased. Among the other tenants are the Foxboro Sports Tavern, Nextel, and a dry cleaner and beauty salon.
The property is located at the intersection of US Highway 41 and Rattlesnake Hammock Road, approximately 3.5 miles from Downtown. Nikolas Kozy and Dennis Carson of Miami-based Blackrock Retail Property Advisors marketed the property and negotiated the sale on behalf of Collier.
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