Search
 

Coralwood Shopping Center Gets New Owner

CAPE CORAL, FL-Locally based Coralwood Partners LP of sold the 343,066-sf community shopping center here to Lamar Companies of Morristown, NJ for more than $10 million. The center is approximately 90% occupied.

By Melissa Bogdany | Updated on December 27, 2002

CAPE CORAL, FL-Lamar Companies of Morristown, NJ has purchased the Coralwood Shopping Center here from locally-based Coralwood Partners LP. Brokers involved in the deal would not disclose the exact sale price, but did tell GlobeSt.com that it sold for between $10 million and $20 million.The 343,066-sf, open-air, U-shaped community shopping center is approximately 90% occupied. It is 80% occupied by major anchor tenants, including JC Penney, Winn-Dixie, Bealls, and Kmart. The center also has a variety of specialty shops, apparel stores, restaurants and a movie theater. Other tenants include Hallmark, GNC, Radio Shack, Dollar General and Fifth Third Bank.Located at 2301 Del Prado Blvd. on the northeast corner of Del Prado Boulevard and Veterans Parkway in Lee County, the property has been a community icon since the 1970s. However, the shopping center was reconstructed in 1993, when most of the original construction was demolished, replaced and expanded.Lamar Companies, which specializes in the redevelopment of shopping centers, serves as buyers, sellers, investors and landlords. Lamar acquires shopping centers nationwide and prefers those with cash flow and upside potential with an aggressive renovation, re-merchandising and development plan. Lamar owns properties in Florida, Georgia, Maryland, Missouri, New Jersey, Michigan, Ohio, Texas and Wisconsin.David J. Donnellan and William R. Strauss, retail investment advisers for CB Richard Ellis, represented Coralwood Partners LP and were the only brokers involved in the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.