HFF Closes Sale of Southwest Florida Shopping Center
- Nov 03, 2016
Naples, Fla.—HFF has recently closed the sale of Mission Hills Shopping Center, an 85,078-square-foot grocery-anchored commercial center in Naples.
HFF arranged the transaction on behalf of the seller, The Hampshire Cos., a full service, private real estate investment firm based in Morristown, N.J., with assets valued at more than $2.3 billion. The buyer, Phillips Edison Grocery Center REIT II Inc., a public non-traded real estate investment trust, purchased the asset free and clear of existing debt for an undisclosed amount. Senior Managing Director Brad Peterson and Associate Director Whitaker Leonhardt with HFF led the investment sales team representing the seller.
Mission Hills is located at the intersection of Collier Boulevard and Vanderbilt Beach Road in northeast Naples, with traffic counts totaling more than 54,000 cars per day. The shopping center caters to approximately 33,400 residents within a 3-mile radius with an average income of nearly $100,000. Additionaly, 3,000 homes are currently under construction in close proximity to the property.
The 96.6 percent leased Mission Hills is home to anchor tenant Winn-Dixie, as well as 14 other tenants, including Anytime Fitness, Subway and AT&T.
“Mission Hills is a great shopping center asset benefiting from its well-performing, necessity-grocer anchor tenant and its location in East Naples, one of Florida’s most rapidly-growing regions,” said Leonhardt in prepared remarks. “This acquisition, which was highly sought after from a variety of institutional and private investors, is representative of an asset with such an advantageous location and tenancy. Southwest Florida continues to realize impressive residential and job growth, a trend we expect to continue,” he added.
Image via Google Street View