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

Miami /
Aug.August 12, 2018 10:15 AM

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


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Barron Real Estate principal Charles Ladd with JBL Asset Management Managing Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach (Google Maps, LinkedIn, JLL)
Grocery store-anchored shopping center sales ignite South Florida’s retail market
Grocery store-anchored shopping center sales ignite South Florida’s retail market
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Southland Shopping Center at 901-1075 West State Road 84 in Fort Lauderdale (Google Maps)
Winn-Dixie-anchored shopping center in Fort Lauderdale sells for $17M
Winn-Dixie-anchored shopping center in Fort Lauderdale sells for $17M
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...