HFF closes $20.5 million sale of southwest Florida power center

Merchants Crossing, 15201 North Cleveland Avenue (US 41), North Fort Myers, FL

 

Brad Peterson

ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $20.5 million sale of Merchants Crossing, a 323,061-square-foot power center with multiple national anchors in North Fort Myers, Florida.

HFF arranged the sale on behalf of the seller, Noble Properties.  RD Management LLC purchased the asset free and clear of existing debt.

Built in 1993 and renovated in 2006, Merchants Crossing is anchored by Sears, AMC Theatres, Bealls Outlet, Jo-Ann Fabric and Craft and Dollar General, and shadow-anchored by The Home Depot and Bealls.

 Situated 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.

The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt.

“HFF continues to have success marketing well-located properties with a strong value-add story,” Leonhardt said.  “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.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.rdmanagement.com.

www.nobleproperties.com.