Miami Metro Shopping Center Changes Hands
- Oct 28, 2016
By Carmen Horghidan
Naples, Fla.—The Hampshire Cos. recently sold Mission Hills Shopping Center, a 85,078-square-foot retail center in Naples, to Phillips Edison & Co. HFF‘s Bradley Peterson, Whitaker Leonhardt and Michael Brewster, represented Hampshire in the transaction. The sale price was undisclosed.
Mission Hills Shopping Center is located at 7550 Mission Hills Drive and has access to CR 151, with traffic of 54,000 cars per day, and is in close proximity to I-74. The surrounding area of the center is an emerging market with an expected 10 percent growth in population over the next five years. In a two-mile radius, more than 3,000 homes are currently developing and another 1,000 are planned. Additionally, the average household income in a 3-mile radius is $94,327.
Built in 2005 on a 19-acre parcel, the center is currently 97 percent leased, and anchored by The Winn-Dixie store, which recently underwent renovations, and Anytime Fitness. Out of its 17 tenants, 11 renewed their leases at least once proving the long-term viability of the center.
“We acquired the Mission Hills Shopping Center in 2006 and since then have executed our investment strategy and stabilized the asset. We have a strong investment track record and comprehensive strategy for grocery-anchored retail centers in growing markets,” John Goldsmith, portfolio manager with The Hampshire Companies, said in a prepared statement. “Part of that strategy is knowing the right time to sell the asset,” added Igor Derbaremdiker, director of dispositions with The Hampshire Companies. “With high market demand and premium pricing for grocery-anchored retail product coupled with Naples’ explosive residential growth, now was the right time to sell to optimize the value for this investment.”
Image via Google Street View