RCG Ventures Sells Florida Retail Plaza for $10M
- Nov 19, 2020
Buckingham Properties has acquired the 134,700-square-foot Naples Towne Center in Naples, Fla., for $10 million, according to Collier County Records. Plaza Advisors represented the seller, RCG Ventures, while First Florida Integrity Bank provided $7.6 million in acquisition financing. Earlier this year, the brokering firm partnered up with RCG in the disposition of Walden Woods, a some 73,000-square-foot, Tampa-area retail asset.
Naples Towne Center held an 80 percent occupancy rate at the time of sale. Current tenants include Dollar Tree, Bealls Department Store and Rent-A-Car.
The shopping center is located in East Naples, along U.S. Route 41, a major highway connecting Tampa with Fort Myers and Miami. The property is part of a prominent retail corridor along US41, that also offers various dining options, as well as a neighboring Walmart and Home Depot. The area demographics within a 5-mile radius include 106,000 residents, with average earnings of more than $86,000.
The Plaza Advisors team included Founder & President Jim Michalak and Vice President & Senior Associate Keith Nurre. The deal marks the company’s fifth retail center transaction since the start of the pandemic.