The Real Deal Miami

Fort Myers shopping center with a Winn-Dixie trades for $175 per square foot

Continental Realty Corp. paid $12.2M for Shoppes at Pelican Preserve and its high-performing Winn-Dixie supermarket
August 12, 2018 10:15AM

Shoppes at Pelican Preserve

An 11-year-old Fort Myers shopping center anchored by an above-average Winn-Dixie supermarket sold for $175 per square foot.

Baltimore-based Continental Realty Corp. paid $12.2 million for Shoppes at Pelican Preserve, a 69,475-square-foot shopping center at 10529 Colonial Drive in Fort Myers.

“This location is a top store for Winn-Dixie with sales well above the chain average, supported by small-shop tenants that are performing well,” Paul Kang, vice president of acquisitions at Continental Realty, said in a prepared statement.

Kang also said Continental Realty bought Shoppes at Pelican Preserve “at substantially below replacement cost and at an attractive going-in yield.”

The shopping center had a 98 percent occupancy rate at the time of the sale. In addition to the 51,000-square-foot Winn-Dixie store, Shoppes at Pelican Reserve also has Pizza Hut and H&R Block locations.

Nearly 11,100 households with annual incomes averaging $109,000 are located within three miles off Shoppes at Pelican Preserve.

Continental Realty acquired the shopping center on behalf of its Continental Realty Fund V, L.P. It is the fund’s first asset acquisition. – Mike Seemuth