Trammell Crow sells Naples retail center to apartment developer for $37.8M

The sale price for the 136,580-square-foot shopping center was 24% above the price the Dallas-based firm paid four years ago

Miami /
Aug.August 26, 2018 12:00 PM

Neapolitan Way Shopping Centre in Naples (Credit: Business Observer)

Dallas-based Tramell Crow sold a Publix-anchored shopping center in Naples to an Atlanta-based apartment developer for $37.8 million.

Affiliates of each company executed the transaction at a price 24 percent higher than the $30.5 million price Trammell Crow paid in September 2014.

The 136,580-square-foot property, called Neapolitan Way Shopping Centre, opened in 1986. In addition to Publix Super Markets, anchor tenants include a Walgreens drugstore and the Ciabo Grille restaurant.

New Market Properties LLC, a wholly owned subsidiary of Atlanta based Preferred Apartment Communities Inc., bought the Naples shopping center from Crow Holdings for $276 per square foot.

New Market Properties now owns seven retail properties in Florida in Naples, Orlando, Parkland and Spring Hill.

New Market’s properties along the Gulf Coast of Florida include Crossroads Market in Naples, another Publix-anchored shopping center spanning 127,00 square feet, and Barclay Crossing, a 55,000-square-foot shopping center in Spring Hill, about 50 miles north of Tampa. [Business Observer] – Mike Seemuth


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...