(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)

FORT MYERS, FL—RLR Investments snapped up two shopping centers in Southwest Florida for a total of $9.1 million. The deals included Promenade at Bonita Springs and Island Park Shopping Center in Fort Myers.

The sales price makes room for RLR to be competitive in the rental marketplace. Specifically, the 106,454-square-foot Promenade shopping center was purchased through an online auction for $5 million. Island Park, at 108,575 square feet, was purchased for $4.125 million.

Karen Johnson-Crowther, managing director and principal of Colliers International
Southwest Florida, represented the shopping center owners. Donald DeLuca, a broker with Royal Shell Real Estate, represented RLR.

“The Promenade at Bonita Springs sold at auction for more than the appraised value, a sign of the continuing improvement of the Southwest Florida market for retail real estate,” Johnson-Crowther tells GlobeSt.com. “The center will continue promoting local artists as a way to generate customer traffic, which contributes to its goal of remaining a destination center. The Promenade hosts a monthly art walk and is also known for hosting the Bonita Springs Art Festival showcasing national and international artists.”

Initial plans for the Promenade include preparing the property in terms of maintenance and appearance for an aggressive lease-up. The Promenade’s current tenants line up includes Roy’s Hawaiian Fusion, Molina’s Ristorante, and Robert of Philadelphia Hair Design. Island Park tenants include Mother Earth Natural Foods, Downtown Jerry’s bar, Vincenzo’s Pasteria, Coast Dental, Quizno’s, and The Clam Bake.

Johnson-Crowther says these types of shopping center sales are resetting retail operations for many shopping center owners in Southwest Florida. Of course, as with any geographic market, the success of retail is directly tied to the health of an area’s economy as a whole.

“Certainly, with real estate and growth such an important part of Southwest Florida’s economy, the recovery has been slow and difficult. That said, we are seeing real signs of recovery, as the market resets,” she says. “With the economy recovering—still slowly, but it is recovering—retail sales are picking up, and more retail deals are getting done. We are optimistic that 2012 will see continued progress upward.”