RD Management LLC bought a 323,061-square-foot shopping center in Fort Myers for $20.5 million.
New York-based RD, a privately held property development and management company, acquired the Merchants Crossing Shopping Center free of debt.
Holliday Fenoglio and Fowler L.P. (HFF) arranged the sale on behalf of Noble Properties.
Major tenants of Merchants Crossing include AMC Theatres,
Bealls and Jo-Ann Fabrics. The shopping center was built in 1993 and last underwent a renovation in 2006.
RD plans for the property include renovating the facade, remodeling space vacated by Sears, modifying the landscaping and upgrading the courtyard.
RD has acquired and developed or redeveloped several Central Florida retail properties in recent years, including Groves Shopping Center in Lakeland, Shady Oaks Shopping Center in Ocala, Sanford Centre in Sanford, and University Mall in Tampa.