96,000-SF Shopping Center Sells for Nearly $9M

FORT MYERS, FL-Cypress Lakes Shopping Center, a 95,640-sf shopping center here that was redeveloped a few years ago, has been sold for more than $8.9 million. An entity controlled by Paragon Realty Group of Southport, CT, purchased the Lee County property for nearly $93.32 per sf. The seller was Lef/Cypress Lake LLC.

The center–which was 91% leased at the time of the transaction–is located at US Highway 41 and Cypress Lake Drive, one of the metro area’s dominant retail intersections. Tenants at the property include TJ Maxx, Staples and HomeGoods. The freestanding Costco Wholesale adjacent to the property is separately owned and was not included in the sale.

This sale was part of a 1999 redevelopment of the center by the Lefmark Group. Besides the sale of 14.5 acres that Scotty’s formerly occupied to Costco, the redevelopment included the renovation and reletting of a building that Wal-Mart formerly occupied to TJ Maxx, HomeGoods and Staples.