MIAMI—Merchants Crossing, a 323,061-square-foot power center with multiple national anchors in North Fort Myers, FL, has traded hands. Noble Properties sold the retail asset to RD Management LLC for $20.5 million free and clear of existing debt.
The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt. The retail asset was built in 1993 and renovated in 2006.
“Fort Myers has experienced more than 50% residential growth since 2000, which is the highest percentage growth in the state of Florida during that period," Peterson tells GlobeSt.com. "In the last five years, home prices have steadily increased and both single-family and multifamily permits have continued to trend positively.
"Given those healthy fundamentals, retailer interest has continued to expand which has driven investors and developers to seek out opportunities in the area," he continued. "Merchants Crossing has an ideal location at an intersection with very strong traffic counts and is poised for continued dominance in the trade area.”
Merchants Crossing is anchored by Sears, AMC Theatres, Bealls Outlet, Jo-Ann Fabrics and Dollar General and shadow-anchored by The Home Depot and Bealls. The retail property sits on 73.2 acres at 15201 North Cleveland Avenue (US 41), Merchants Crossing is located at the 15-lane signalized intersection of North Cleveland and Pine Island Road (SR 78). This “main and main” location is the epicenter of the largest retail node in North Fort Myers, the fastest growing metro area in Florida, and serves the residents of neighboring Cape Coral.
“HFF continues to have success marketing well-located properties with a strong value-add story,” Leonhardt says. “With competition heating up for the relatively few value-add properties in the market today, investors continue to seek opportunities to reposition assets and generate strong yields through redevelopment or re-tenanting.”
Fort Myers and Southwest Florida continue to see a recovery. Earlier this year, McGarvey Development sold a Fort Myers office building.
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