MIAMI—Alico Commons, a 97,663-square-foot Publix-anchored center in Fort Myers, FL, has a new owner. Endeavor Real Estate Group sold the asset to The PMAT Companies for $9.875 million free and clear of debt.
HFF senior managing director Danny Finkle and director Luis Castillo represented the seller. Finkle tells GlobeSt.com, “This asset provided investors an opportunity to acquire a recently built, high volume, Publix-anchored center with substantial value enhancement possibilities through lease-up and outparcel development in an ascending local market.”
Built in 2009, Alico Commons sits on a 12.04-acre site at the intersection of Alico Road and Tamiami Trail (US Highway 41). The center is 53.5% leased and is anchored by a 45,600-square-foot Publix.
Fort Meyers has come a long way in the last few years. Just a year ago, Jeffrey Meyer, a vice president investments in M&M's Tampa office, was recalling how ugly it was in the city during the recession and noted, "Serious investores with capacity started to sense about a year ago that it was time to get back into Fort Meyers on the part of serious investors with capacity.”
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