Springs Plaza Sells for $15M

BONITA SPRINGS, FL-RAM Real Estate of Palm Beach Gardens, FL, has purchased Springs Plaza Shopping Center here for $15.4 million. The price equates to approximately $90.71 per sf.The seller of the 169,765-sf property was CRF Springs Plaza LP. The shopping center, located at the southeast corner of US Highway 41 and Bonita Beach Road in southern Lee County, is anchored by Kash ‘n Karry and has junior anchors that include Beall’s Outlet, Beall’s Home Outlet, Anthony’s Ladies Wear and Dollar Image. Built in 1983, the center is approximately 90% occupied.Casey Rosen, Anthony Blanco and Nikolas Kozy of Blackrock Retail Property Advisors, based in Miami, represented CRF Springs Plaza LP in the sale. The sale made sense at this time due to current market conditions, according to Kozy. The area is rapidly changing to a more high-income market. “The wealth from Naples and surrounding areas is beginning to spread north” to Bonita Springs, he says.