Naples Shopping Center Trades for $97M

NAPLES, FL – Brixmor Property Group has acquired a 307,000-square-foot shopping center destination in Naples, FL for $97 million. The firm acquired the property from Courtelis Co. and Barron Collier Cos.

The retail center, Granada Shoppes, is 98% leased to a mix of national and local tenants. The property is anchored by Trader Joe’s, Marshalls, Haverty’s Furniture, Hobby Lobby and P.F. Changs.

The acquired asset is situated on 39 acres of land on the southeast corner of Tamiami Trail N. and Immokalee Rd. Located 3.5 miles west of the Interstate 74 interchange.

The JLL capital markets team that marketed the property on behalf of the sellers and closed the sale, was led by senior managing director and co-head of U.S. retail capital markets, Danny Finkle and senior director, Eric Williams.

“The Courtelis Co. and Barron Collier Cos. visionary development has emerged as a market-dominant center over the past 20 years, as the Naples market has continued to emerge as one the highest barrier-to-entry and most desirable markets in the U.S.,” says Finkle. “Brixmor’s strong local market knowledge via its numerous retail holdings throughout Southwest Florida made this a highly synergistic acquisition.”

“Granada Shoppes is one of the premier retail locations in Southwest Florida and home to several of the leading retailers in the industry,” says Williams. “The outstanding tenant demand to be at the center offers unlimited long-term potential to grow the asset.”