Coralwood Shopping Center Gets New Owner

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.