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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
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